The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has signed a memorandum of understanding (MoU) with the Bank of Industry (BOI) and Sterling Bank to offer small and medium enterprises (SMEs) access to capital at single-digit interest rates.
This initiative, backed by N6 billion in funding, aims to support SMEs with working capital, workplace procurement, and equipment acquisition.
Charles Odi, the director-general of SMEDAN, announced this development during the launch of the Sustainable Systems for Research and Innovation Financing (SSRIF II) and Nigeria Enterprise Support Organisations (ESO) project in Lagos, funded by the UK’s Research and Innovation Systems in Africa (RISA).
He emphasized the scarcity and high cost of finance capital for small businesses in Nigeria and highlighted SMEDAN’s efforts to unlock capital for SMEs.
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“We have signed a N5 billion loan deal with Sterling Bank and a N1 billion agreement with the Bank of Industry. We have also extended these efforts to different states, including Enugu, Anambra, and Katsina, to support bank growth through small businesses,” said Odii. He added that with access to these funds, SMEs could start and upscale their enterprises in Nigeria.
Odii expressed SMEDAN’s commitment to advancing the current administration’s economic prosperity agenda by addressing obstacles hindering SME growth and protecting them from inflationary pressures.
