SMEDAN, Anambra announce N1bn funding to support SMEs

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) says it will support small and medium enterprises (SMEs) in Anambra with N1 billion.

According to a statement on Sunday, the commitment was made when the agency signed a memorandum of understanding (MoU) with the Anambra government to bolster the growth of SMEs in a matching funds agreement. 

SMEDAN said the agreement was also made to ensure SMEs have access to vital funding across Nigeria. 

Speaking on the funding, Charles Odii, director-general of SMEDAN, commended the state government for its commitment to supporting entrepreneurs. 

“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,” Odii said. 

“Small businesses are the backbone of employment and contribute nearly half of our gross domestic product (GDP). 

“If we intend to jumpstart the economy, we must invest in them and provide substantial support for their growth.”

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

This approach, he said, would accelerate the realisation of the president’s ‘renewed hope agenda’, which is centered on economic prosperity.

“We have initiated discussions with several local and international organisations to address funding and capacity development for SMEs,” he said. 

“Just this week, we launched the SMEDAN Climate and Green Energy Desk (SCGED) to support climate entrepreneurs in 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 also said the agency would ensure that the funds, once accessible to SMEs, will be disbursed in a timely, transparent, and equitable manner; eliminating any obstacles preventing deserving SMEs from accessing these vital funds.