Charles Odii, Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has called on small business owners to join cooperatives to unlock zero-interest funding opportunities.
He made this statement at the 2024 National MSME Conference held in Abuja on Thursday, emphasizing that many MSMEs are not adequately equipped to access financing on their own.
Odii introduced the GROW Initiative, a new SMEDAN program aimed at providing zero-interest loans to small business owners who belong to registered cooperatives.
According to him, this initiative is designed to overcome the financial barriers faced by MSMEs and to ensure that they can access capital without the burden of high-interest rates.
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He also pointed out that in addition to funding constraints, MSMEs struggle with limited access to capacity development, high operating costs, inadequate infrastructure, and complex market and regulatory barriers. “Joining cooperatives gives MSMEs a stronger footing to benefit from the GROW Initiative and other support measures,” Odii said.
Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, reiterated the critical role of digital transformation in boosting MSME productivity.
She encouraged businesses to embrace technology to streamline operations and reduce costs, noting that the government is committed to creating a business-friendly environment.
The Secretary to the Government of the Federation, George Akume, highlighted the importance of innovation and localised production in building a resilient economy, inviting investors to explore opportunities within Nigeria’s growing market.
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