The Small and Medium Enterprises Development Authority of Nigeria (SMEDAN) has unveiled plans to provide financial assistance to over one million small and medium-sized enterprises (SMEs) as a means of boosting economic growth.
Speaking at the just-concluded 2024 National Micro, Small and Medium Enterprises (MSMES) Conference over the weekend in Abuja, SMEDAN Executive Director Charles Oddi said: “With capacity building, we will reach 1 million SMEs.” said.
He reaffirmed that the agency is committed not only to building infrastructure for SMEs, but also to lending to SMEs.
“I plan to come back in 12 months and see how far we have come. My advice to all MSMEs in Nigeria is to join cooperatives, join groups, join clusters. We have one cluster and we want to come back to you with clusters.
“So count it. Come out and join the co-op. I hope they don't have to pay that money back and use it wisely for the purpose they proposed it be used for.” I wish them all the best and make sure that the grant is a valuable administrator grant that they can continue to employ,” he said.
Oddie explained:
“We have identified that one of the issues in the MSME ecosystem is capacity building and we want to ensure that all SMEs are upskilled.
“So what we’re doing is leveraging technology. First, we’ve launched the SME Digital Academy, which offers new courses that small and medium-sized businesses can take advantage of. And there are phenomenal courses out there.
“A course on how to start from zero capital, a course on how to respond to business, a course on how to identify how to write a business plan, a course on how to acquire a target market, a course on how to reach a target market and a course on how to identify a target market . Achieve the right target market.
“Such courses are available and we believe our small businesses will be equipped by taking them.”
The Directorate said, “We owe it to His Excellency that with the intervention of the Billionaire President of 2,000 Naira into Nigeria’s MSME, Enterprise Ecosystem, our country’s MSMEs, Nano Businesses, will reach 1 million MSMEs, Nano businesses. I believe we can get 50 billion naira and 50,000 naira respectively.” business”.
Mr. Odhi said financing for MSMEs will improve the capacity of SMEs, enabling them to grow and contribute more to the economy.
