SMEDAN and Anambra State Government Partner on a ₦1,000,000,000 Loan Portfolio for Small and Medium-sized Enterprises (SMEs)
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has inked a Memorandum of Understanding (MoU) with the Anambra State government to foster the growth of Small and Medium-sized Enterprises (SMEs) in the state with ₦1,000,000,000 in a matching fund arrangement.
The Memorandum of Understanding (MoU) was signed in Awka, the state capital, on Friday, November 3, by Mr. Charles Odii, the Director General of SMEDAN, and Honourable Christain Udechukwu the Honourable commissioner for Industry, Anambra State. Under the terms of the agreement, both institutions will each contribute ₦500,000,000 to drive Small and Medium Enterprise (SME) growth in the state by propelling innovation, expansion, and job creation.
This development underscores Mr. Charles Odii’s commitment to fulfilling his pledge to ensure Small and Medium Enterprises (SMEs) have access to vital funding across Nigeria. Following his appointment as Director General last month, Mr. Charles Odii has been actively engaging with bank executives and other key players in the financial sector to advocate for affordable credit options for Small and Medium Enterprises (SMEs), including single-digit loans.
Commending the Anambra State government for their commitment, the Director General of SMEDAN, Charles Odii stated, “This level of meaningful support is what we expect from state governments nationwide, given the established importance of SMEs in driving economic development and prosperity. Small businesses are the backbone of employment and contribute nearly half of our GDP. If we intend to jumpstart the economy, we must invest in them and provide substantial support for their growth.”
Furthermore, the Director General of SMEDAN, Charles Odii assured that SMEDAN, under his leadership, is exploring both domestic and international opportunities to mobilise and channel funds to Small and Medium Enterprises (SMEs) across the country. Charles Odii stressed that this approach will accelerate the realisation of President Bola Ahmed Tinubu's renewed Hope Agenda, which is centred on economic prosperity.
“We have initiated discussions with several local and international organisations to address funding and capacity development for SMEs. Just this week, we launched the SMEDAN Climate and Green Energy Desk (SCGED) to support climate entrepreneurs addressing environmental challenges hindering SME growth in the nation. We are witnessing strong interest from global stakeholders eager to back local initiatives combating climate change and unlocking fresh economic opportunities,” Charles Odii said.
In addition, Charles Odii emphasized that SMEDAN will ensure that the loans, once accessible to Small and Medium Enterprises (SMEs), will be disbursed in a timely, transparent, and equitable manner, eliminating any obstacles preventing deserving Small and Medium Enterprises (SMEs) from accessing these vital loans.
Charles Odii affirmed that SMEDAN is actively engaging with all its financial partners nationwide to assess and enhance the loan disbursement process, ensuring that loans made available to Small and Medium Enterprises (SMEs) through various products and initiatives effectively serve their intended objectives.
Comments
Post a Comment