SMEDAN to collaborate with n’assembly to formalise, fund one million SMEs

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) says it will partner with the national assembly to undertake the registration, formalisation, and provision of funding opportunities for one million small businesses across the country.

Charles Odii, director-general of SMEDAN, spoke on Tuesday during a meeting between young members of the national assembly, particularly the house of representatives, and young entrepreneurs in Abuja.

The meeting had centred on discussions covering topics such as access to funding, regulatory challenges, and the need for better support and resources.

Speaking at the meeting, Odii said the “initiative to fund 1 million businesses is a crucial component of the agency’s mission to foster prosperity through the growth of small and medium enterprises (SMEs)”.

Odii also said the lawmakers play dual role as “credible representatives of Nigerians at the grassroots level and lawmakers”.

He highlighted their invaluable contribution to the mission of small business development in the nation.

“We will collaborate with you (lawmakers) to identify, train, and prepare small businesses in your respective constituencies for funding. Numerous organisations, both local and international, stand ready to support SMEs with funding opportunities,” Odii said.

“However, the primary challenge hindering this progress is the lack of formal structures within most SMEs. Together with you, we aim to transform this status quo and ensure that SMEs are connected to opportunities for growth.”

The event was attended by Ayodele Olawande, minister of state for youth; Bello El-Rufai, member representing Kaduna North federal constituency; Olamiju Alao Akala, the member representing Ogbomosho North/South/ Oriire federal constituency; Ishaya David Lalu, the member representing Mangu/Bokkos federal constituency; Uche Okonkwo, the member representing Idemili North/South federal constituency, among others.