The Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) has announced its ambitious plan to provide financial assistance to over 1 million small and medium enterprises (SMEs) as part of its efforts to drive economic growth and development.
Speaking at the 2024 National Micro, Small, and Medium Enterprise (MSMEs) conference in Abuja, SMEDAN’s Director General, Charles Odii, emphasized the agency’s commitment to enhancing the capacity of small businesses across the nation. “We will reach 1 million small businesses with capacity development,” Odii stated.
He highlighted SMEDAN’s strategy to support small businesses by not only offering financial aid but also investing in necessary infrastructure to bolster the sector. He assured that the agency would evaluate the progress within the next 12 months to ensure their goals are met.
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Odii advised Nigerian MSMEs to form cooperatives, groups, or clusters to maximize the benefits of the available support. He emphasized, “Join a cooperative, join a group, join a cluster because we would like to reach you in clusters. The funds we provide do not require repayment, and we hope they will be utilized effectively to grow and expand businesses.”
He further stated that SMEDAN aims to enhance the capacity of entrepreneurs by focusing on skill development and utilizing technology. “We have launched the SME Digital Academy, offering courses that help small businesses start from scratch, develop business plans, identify target markets, and grow sustainably,” he said.
According to Odii, these capacity-building efforts align with the intervention of N200 billion announced by the President to support the MSME ecosystem in Nigeria. Out of this, N50 billion will be allocated specifically for 1 million nano businesses, each receiving N50,000 in grants.
Odii expressed confidence that the financial support and training initiatives will enable MSMEs to build their capacities, create jobs, and significantly contribute to Nigeria’s economic growth.
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