SMEDAN: We’ve secured over N7bn for SMEs, created 15k jobs in three months

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) says it has secured over N7 billion for small and medium businesses as well as created 15,000 jobs across Nigeria.

In a statement on Monday, the agency said the milestone, done in 100 days, was achieved under the leadership of Charles Odii, director-general of SMEDAN. 

The agency said Odii has led impactful initiatives resulting in the creation of jobs and funding for small and medium enterprises.

“Mr. Odii was appointed last year as the head of the agency by President Bola Tinubu based on his extensive contributions to the MSME sector, including the design and execution of projects that highlight and facilitate support for small businesses in Nigeria and across the continent,” SMEDAN said.

“He assumed office on October 13, 2023, introducing a seven-point prosperity agenda focusing on providing SMEs with access to finance, markets, capacity building, partnerships, a business-friendly environment, and streamlined processes for sustainable growth.

“Achieving key milestones in just three months, he implemented reforms at SMEDAN, incorporating digital and data-driven approaches to address challenges hindering SME growth and foster prosperity.

“These accomplishments align with President Tinubu’s Renewed Hope agenda for inclusive economic growth and poverty eradication. Mr. Odii’s success distinguishes him as a key contributor to the administration’s goals, impacting grassroots communities and laying the foundation for rapid rural industrialization, a crucial solution to Nigeria’s economic challenges.”

Further highlighting the firm’s achievements, the agency said it secured N5 billion single-digit interest loan with Sterling Bank, adding that over 200,000 applications have been received, and due diligence is underway for disbursement.

SMEDAN also said it injected N1 billion into micro, small and medium enterprises in each state under a matching fund agreement in Enugu and Anambra states.

The agency said it also revitalised economic activities at the grassroots level with a cash injection of N50,000 into nano businesses that came with a condition that the enterprises hire one more person.

Also, SMEDAN introduced the climate change desk to address environmental challenges impacting businesses.

This, the agency said, supported displaced businesses and promoted the adoption of green energy solutions.

“In commitment to early entrepreneurship readiness, a student internship program was launched to provide students with real-world business experience and resources to start, continue, and scale. Baze University served as the pilot ground, with more universities set to partner with the agency to execute the program,” SMEDAN said.

“Recognising the pivotal role of women in SMEs, a dedicated desk was launched to provide direct access to opportunities designed for women entrepreneurs.”

In addition, SMEDAN said it is set to commence a nationwide small business census to create a credible and comprehensive database of SMEs in the country and enhance the quality of its interventions.