In a significant move towards fostering the growth of Small and Medium-sized Enterprises (SMEs) in Nigeria, the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has sealed a vital partnership with the Anambra State government. This collaboration, marked by a Memorandum of Understanding (MOU), brings N1 billion in a matching fund arrangement to empower local SMEs in the state.
SMEDAN Partners with Anambra State, Allocates N1 Billion for Small Business Boost
The MOU, signed recently in Anambra, reflects SMEDAN’s unwavering commitment to ensuring that SMEs have access to crucial funding across the nation. Mr. Charles Odii, the Director General of SMEDAN, has actively engaged with bank executives and key players in the financial sector to advocate for affordable credit options, including single-digit loans, for SMEs.
In a statement, Odii praised the Anambra State government for its steadfast support of SMEs, emphasizing that such substantial assistance is expected from state governments nationwide. SMEs play a pivotal role in driving economic development and prosperity, with small businesses contributing significantly to employment and nearly half of the GDP.
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Odii affirmed that SMEDAN, under his leadership, is exploring both domestic and international avenues to mobilize and channel funds to SMEs throughout the country. This approach aligns with President Bola Tinubu’s Renewed Hope agenda, which places a strong focus on economic prosperity.
“We have initiated discussions with several local and international organizations to address funding and capacity development for SMEs,” said Odii. “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 support local initiatives that combat climate change and unlock fresh economic opportunities.”
Odii reiterated SMEDAN’s commitment to disbursing the funds in a timely, transparent, and equitable manner, ensuring that deserving SMEs can access the financial support without hindrance.
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