The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has announced significant strides in supporting small businesses, securing over N11 billion in financing within the past two years. This substantial financial backing, coupled with the facilitation of more than 100,000 jobs, underscores the agency's commitment to President Bola Tinubu’s Renewed Hope Agenda.
Charles Odii, Director-General of SMEDAN, revealed these achievements in an interview with the News Agency of Nigeria (NAN) on Thursday. He emphasized that the agency's progress reflects a deliberate strategy to broaden access to finance, essential tools, and critical training for small businesses across the nation, aligning with national objectives for inclusive economic growth and robust job creation.
"In just two years under President Tinubu, we have made real, measurable progress at SMEDAN," Odii stated. "We have mobilised over N11 billion to make financing more affordable for small businesses and helped create more than 100,000 new jobs across the country."
Revitalizing Local Production through Industrial Development Centres
A key aspect of SMEDAN's strategy involves the revitalization of local production capabilities. Odii highlighted that through strategic partnerships, including those with the National Assembly, SMEDAN has equipped thousands of entrepreneurs with the necessary tools and equipment to boost productivity across various sectors.
Crucially, the agency has recommenced operations at several Industrial Development Centres (IDCs), including those located in Abuja, Osun, and Katsina States. These centers now provide small businesses with access to modern machinery, a consistent power supply, and comprehensive enterprise support, fostering an environment conducive to increased output and innovation.
Enhancing Digital Capacity and Market Access
SMEDAN is also actively collaborating with international development partners such as the United Nations Development Programme (UNDP), GIZ, and Google. These partnerships are geared towards enhancing the digital and technical proficiencies of Nigerian entrepreneurs, thereby opening up new avenues to both local and international markets.
Formalization of businesses remains a core focus for SMEDAN. The agency has forged alliances with key regulatory bodies, including the Corporate Affairs Commission (CAC), National Agency for Food and Drug Administration and Control (NAFDAC), Standards Organisation of Nigeria (SON), and the Federal Inland Revenue Service (FIRS). "Through these partnerships, we are helping small businesses to register, comply, and grow in a more supportive environment," Odii explained.
Fostering Youth Entrepreneurship and Inclusive Growth
In a bid to champion youth inclusion, SMEDAN is working closely with the National Youth Service Corps (NYSC) and other institutions to empower young Nigerians in transforming their innovative ideas into thriving enterprises. "This is what the Renewed Hope Agenda looks like in action; real support, real results, and a growing ecosystem where Nigerian businesses can thrive," Odii remarked.
A notable success story highlighted by Odii is the SMEDAN Garment and Textile Hub at the Idu Industrial Development Centre in Abuja. This solar-powered hub, a product of collaboration with the UNDP, offers fashion entrepreneurs affordable industrial machines and a stable power supply, significantly boosting productivity and job creation within the sector.
The Director-General reiterated SMEDAN's steadfast commitment to its "GROW Nigerian" strategy. This framework, which stands for Guidance, Resources, Opportunities, and Workforce support for SMEs, aims to be a cornerstone in boosting job creation and revenue generation within the Micro, Small, and Medium Enterprises (MSME) sector. Odii concluded by reaffirming the agency’s dedication to deepening SME development as a critical engine for economic transformation and national prosperity.