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SMEDAN Disbursed N7bn to Boost SMEs in Nigeria as DG Marks 100 Days In Office

SMEDAN Disbursed N7bn to Boost SMEs in Nigeria as DG Marks 100 Days In Office

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), said it has facilitated over seven billion naira worth of funding for SMEs in the country in the first 100 days of the current DG, Charles Odii in office.

The agency also said Odii has led impactful initiatives resulting in the creation of 15,000 jobs since his assumption of office as the Director General of SMEDAN on October 13, 2023.

According to a statement by the agency, Mr. Odii has enhanced the President Bola Ahmed Tinubu economic blueprint based on the agency’s 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.

“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.”

“Some of the key achievements within the 100 days in office include;

  • Job Creation and Funding Initiatives
  • Matching Fund Agreement with Anambra and Enugu State Governments
  • Flagoff of the Conditional Grant Scheme
  • Innovative Programs and Facilities
  • Launch of the SMEDAN Undergraduate Internship Program and
  • Launch of the Women and Youth Desk.

“In his hundred days in office, SMEDAN secured a groundbreaking agreement with Sterling Bank, unlocking a 5 billion Naira fund at single-digit interest rates to empower businesses. Over 200,000 applications have been received, and due diligence is underway for disbursement,” the statement added.

According to the statement, “Collaborating with Anambra and Enugu state governments, SMEDAN injected 1 billion naira into MSMEs in each state under a matching fund agreement.

“Economic activities at the grassroots level were revitalised with a cash injection of N50,000 into nano businesses, creating jobs with the condition that they hire one more person,” it added.

It also noted:

“Launch of the Green Energy and Climate Change Desk is to address environmental challenges impacting businesses, SMEDAN introduced the Climate Change Desk, supporting displaced businesses and promoting the adoption of green energy solutions.”

The statement added that the agency under Odii’s leadership, would continue to put in efforts to implement President Tinubu’s Renewed Hope agenda, by impacting grassroots communities and laying the foundation for rapid rural industrialisation, a crucial solution to Nigeria’s economic challenges.

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