The Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) aims to financially support one million SMEs to foster economic development.

 

At the recently concluded 2024 National Micro, Small, and Medium Enterprises (MSMEs) conference in Abuja, SMEDAN's Director General, Charles Odii, announced plans to empower over 1 million SMEs with financial assistance and capacity development.

He emphasized SMEDAN's dedication to providing funding and infrastructure to small businesses, stating that they will assess their progress in 12 months. Odii encouraged MSMEs to join cooperatives or clusters, as this will help facilitate the agency’s support. He expressed hope that beneficiaries would utilize the funds effectively to expand their businesses and create more employment opportunities.

Odii also addressed the need for capacity building within the MSMEs ecosystem, noting that many small businesses lack the necessary skills to grow. To tackle this issue, SMEDAN has launched the SME Digital Academy, offering courses on various aspects of business management, including starting with minimal capital, creating business plans, and reaching target markets. These resources aim to equip small businesses with essential skills to succeed.

Furthermore, Odii mentioned the President's N200 billion intervention fund, which allocates N50 billion in grants, providing ₦50,000 each to one million micro-businesses. He believes this financial support will boost small businesses' capacity, enabling them to contribute significantly to the Nigerian economy.