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SMEDAN, Anambra sign N1bn funds to boost small businesses

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has signed a Memorandum of Understanding (MOU) with the Anambra State government to boost the…

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has signed a Memorandum of Understanding (MOU) with the Anambra State government to boost the growth of Small and Medium-sized Enterprises (SMEs) in the state with N1 billion in a matching fund arrangement.

The MoU, which was signed on Friday, in Anambra was part of SMEDAN’s commitment to ensure SMEs have access to vital funding across Nigeria.

The agency’s Director General, Mr. Charles Odii, he had been actively engaging bank executives and other key players in the financial sector to advocate for affordable credit options for SMEs, including single-digit loans.

In a statement on Saturday, Odii commended the Anambra State government for its commitment to SMEs growth, saying “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.”

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“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,” he added.

Odii said SMEDAN, under his leadership, was exploring both domestic and international opportunities to mobilize and channel funds to SMEs across the country.

He emphasized that this approach would accelerate the realization of President Bola Tinubu Renewed Hope agenda which is centered on economic prosperity.

He said, “We have initiated discussions with several local and international organizations 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.”

Odii stressed that the agency would ensure that the funds would be disbursed in a timely, transparent, and equitable manner and eliminate any obstacles preventing deserving SMEs from accessing the funds.

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