The Nation Newspaper

Tag: SMEDAN

  • SMEDAN unveils 2026 roadmap to boost MSMEs with low-interest loans, job creation

    SMEDAN unveils 2026 roadmap to boost MSMEs with low-interest loans, job creation

    The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has reaffirmed its commitment to providing single-interest loans to Micro, Small, and Medium Enterprises (MSMEs) as part of ongoing government support for the sector. 

    The agency also unveiled its 2026 roadmap aimed at creating more jobs, easing access to affordable financing, and driving inclusive growth for small businesses nationwide.

    The Director-General of SMEDAN, Charles Odii, disclosed this during an interactive session with the media in Abuja, highlighting plans to build on the agency’s 2025 achievements. 

    The 2026 agenda includes creating over 90,000 direct jobs and disbursing ₦12 billion in affordable financing to MSMEs across Nigeria.

    Odii emphasised the importance of reducing the cost of doing business for small enterprises while ensuring government interventions reach their intended beneficiaries. 

    “Our focus is job creation and ensuring that small businesses can access finance at single-digit interest rates; anything above that is not sustainable for MSMEs, and the agency will not be a part of it,” he said.

    He added that SMEDAN will expand low-cost funding through partnerships with the Bank of Industry, state governments, and other development partners. Several states, including Kaduna, Enugu, and Zamfara, have adopted a matching-fund model, committing up to ₦1 billion each to support MSMEs in their jurisdictions. 

    Under these arrangements, funds can be accessed for three main purposes: boosting working capital, procuring workspaces or farms, and acquiring essential work tools, with strict monitoring to ensure funds are used solely for business growth.

    Beyond financing, SMEDAN is prioritising skills acquisition and inclusion, particularly for vulnerable and marginalized groups. 

    A key initiative in the 2026 roadmap is an inmate rehabilitation and reintegration programme, which will provide vocational training to prison inmates six months to a year before their release.

    “The initiative is designed to break the stigma faced by formerly incarcerated persons and reintegrate them into the productive economy. Many have told us that because of stigma, people do not want to employ them. SMEDAN wants to equip them with skills and work with employers to absorb them back into the workforce as responsible, employable citizens,” Odii explained.

  • SMEDAN seeks MTN’s partnership to boost job creation

    SMEDAN seeks MTN’s partnership to boost job creation

    Small and Medium Enterprises Development Agency (SMEDAN) has sought the partnership of MTN Nigeria to boost job creation as well as digital technology penetration in the country.

    Director-General, Small and Medium Enterprises Development Agency (SMEDAN), Charles Odii, who made the appeal said with millions of small businesses depending on accurate guidance and easy-to-access support, MTN and SMEDAN’s shared platform will address gaps in communication, misinformation, and access to opportunities.

    He spoke when MTN Nigeria and SMEDAN signed a strategic partnership aimed at accelerating the growth, digital capacity, and sustainability of Nigeria’s 40 million Micro, Small and Medium Enterprises (MSMEs). The signing ceremony was held at the MTN Plaza, Lagos.

    Speaking on the occasion, MTN Nigeria’s Chief Operating Officer, Ayham Moussa, reiterated MTN’s commitment to supporting Nigeria’s economic development, stating that MSMEs are the lifeline of Nigeria’s economy.

    He said: “SMEs are the backbone of the economy and the backbone of employment in Nigeria; we are delighted to power SMEDAN’s platform and provide tools that help MSMEs reach customers, obtain funding, and access wider markets. This collaboration serves both our business and social development objectives.”

    Chief Enterprise Business Officer, Lynda Saint-Nwafor, MTN Nigeria described the MoU as a tool to “meet SMEs at the point of their needs,” noting that nano, micro, small, and medium businesses each require different resources to scale.

    She stated: “Some SMEs need guidance, some need resources; others need opportunities or workforce support. This platform allows them to access whatever they need. We are committed to identifying opportunities across financial inclusion, digital inclusion, and capacity building that help SMEs to scale.”

    Odii emphasised the significance of the collaboration, noting that the agency cannot meet its mandate without leveraging technology and private-sector expertise.

    Read Also: FG launches automation-driven public service system

    He said: “We have approximately 40 million MSMEs in Nigeria, and only about 400 SMEDAN staff; we cannot fulfil our mandate without technology, data, and strong partners. MTN already has the infrastructure and tools to support MSMEs from payments to identity, hosting, learning, and more. With this partnership, we are confident we can achieve in a short time what would have taken years.”

    Odii highlighted that the SMEDAN-MTN collaboration would support businesses across their growth needs, guided by their four-point GROW model – Guidance, Resources, Opportunities, and Workforce Development. He added that SMEDAN has already created over 100,000 jobs within its two-year administration and expects the partnership to significantly boost job creation, business expansion, and nationwide enterprise modernisation.

    The partnership will feature joint initiatives focused on digital inclusion, financial access, capacity building, and providing verified information for MSMEs.

    The event concluded with the formal signing of the Memorandum of Understanding (MoU), setting the stage for the immediate roll-out of tools, content, and resources that will support MSMEs nationwide.

  • SMEDAN’s conference to promote MSMEs innovations 

    SMEDAN’s conference to promote MSMEs innovations 

    The Small and Medium Enterprises Development Agency of Nigeria, SMEDAN is set for the 2025 National Micro Small and Medium Enterprise (MSMES) GROW Nigerian Conference, with  Vice President, Kashim Shettima, Governor Babajide Sanwo-Olu and others for a three-day conference with an intent to advance innovation, enterprise growth and policy reform in the MSMEs.

    In a statement signed by SMEDAN management, the event will take place from November 16 to 18 in Lagos,  the concentration of the conference will be on,  businesses, finance, technology and the creative economy. The Vice President Kashim Shettima and the House of Representative Speaker Dr. Tajudeen Abbas will lead the opening, while Tony Elumelu, will deliver the keynote address.

    The Governor of Lagos State, His Excellency Mr Babajide Sanwo-Olu will also host a stakeholder meeting during the conference, while special recognition will be given to governors who have demonstrated strong support for MSME growth in their various states.

    Read Also: Senate seeks urgent construction of Ode–Omifufu–Ofosu road to link Ondo, Edo

    “Discussions during the conference will be on policy dialogue that will support the review of National MSME Policy, which expired this year, and guide the development of a new five year policy framework. This session brings together federal, state,  private sector leaders, financiers, development partners and MSME associations.

     “There will be a session for  the new national tax law  and it’s  implications for small businesses which will be led by

    the Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele. There will also be a major export session delivered by Mrs Nonye Ayeni, Executive Director of NEPC”.

    The statement added that, the GROW Nigerian Fair will run as a large-scale exhibition showcasing some of Nigeria’s most promising SMEs across food, fashion, manufacturing, technology, entertainment and other sectors. A pitch competition will take place, with winners receiving 20 million naira in grants.

  • CAC, SMEDAN launch free registration for 250,000 MSMEs nationwide

    CAC, SMEDAN launch free registration for 250,000 MSMEs nationwide

    The Corporate Affairs Commission (CAC), in collaboration with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has unveiled a nationwide initiative to provide free business registration for 250,000 nano, micro, and small enterprises.

    The partnership was formalised through a Memorandum of Understanding signed in Abuja, where both agencies acknowledged that many entrepreneurs remain trapped in the informal sector due to costs, bureaucracy, and lack of awareness.

    SMEDAN Director General, Charles Odii, said the new scheme eliminates these barriers by covering registration costs and integrating beneficiaries into SMEDAN’s MSME database.

    This database, he explained, will grant access to grants, technical support, capacity-building programmes, and market linkages.

    READ ALSO: Alleged terrorism: ‘You have case to answer,’ Court tells Nnamdi Kanu 

    Registrar-General of the CAC, Hussaini Ishaq Magaji, emphasised that the initiative will break down obstacles to formalisation, noting that by waiving ₦3 billion in registration fees, the government is paving the way for small businesses to achieve legitimacy, growth, and access to wider opportunities.

    The free registration drive, aligned with the Federal Government’s Renewed Hope Agenda, is expected to strengthen Nigeria’s MSME ecosystem and foster economic growth.

    Both agency heads commended President Bola Ahmed Tinubu for his commitment to empowering small businesses and creating an enabling business environment.

  • SMEDAN: SMEs account for 96% of businesses

    SMEDAN: SMEs account for 96% of businesses

    The Director-General  Small and Medium Enterprises Development Agency (SMEDAN), Charles Odii has said Nigeria’s Small and Medium Enterprises (SMEs) account for 96 per cent of businesses, contributing 48per cent to the nation’s gross domestic product (GDP) and employing 84per cent of the workforces.

    Odii said this at the launch of the D-8 SME centre  in Abuja, stating that harnessing the full potential of SMEs is central to realising the economic aspirations of member states and more importantly, the empowerment of SMEs directly contributes to several Sustainable Development Goals (SDGs), particularly those related to poverty alleviation, decent work, gender equality, and industry innovation.

    “The decision to site the D-8 SME Center in Nigeria goes beyond the symbolic. It is a clear recognition of the energy, innovation and resilience that define the Nigerian entrepreneurial spirit. It is also an endorsement of our nation’s growing leadership in championing the cause of small and medium enterprises across the Global South.

    “It is worth noting that this development aligns with the vision of President Bola Ahmed Tinubu, whose Renewed Hope Agenda places enterprise, job creation and regional cooperation at the heart of Nigeria’s economic diplomacy and domestic policy. Under his leadership, we are seeing a renewed emphasis on enabling SMEs to become drivers of inclusive growth, not just in Nigeria but across Africa and the broader developing world.

    READ ALSO: Tinubu orders speedy execution of approved projects

    “SMEs in Bangladesh, Egypt, Malaysia and Nigeria all face similar hurdles, limited access to finance, Infrastructural gaps, regulatory constraints and the pressure to compete in a fast-changing digital economy.This is where the D-8 SME Center becomes strategic. It offers us a platform to share solutions, harmonize standards, open up markets and leverage collective strength.

    “The D-8 with a combined population of over 1 billion people and significant trade potential, the D-8 grouping has the power to unlock a new era of South-South cooperation built on enterprise, knowledge and shared prosperity.

    “For us at SMEDAN, this aligns perfectly with our Grow Nigerian strategy. We are working to help Nigerian SMEs scale beyond survival, to expand their reach, raise standards and build viable businesses that can plug into both regional and global value chains.

    “From food to fashion, tourism to tech, we are investing in sectors where Nigeria has both comparative and creative advantage.

    “We are also leading efforts to digitize SME operations, drive industrial linkages and lower the cost of doing business through smarter regulation and deeper partnerships. We are creating initiatives to unleash youth potential and provide greater access to markets because of our firm belief that the best way to build a strong national economy is to support people where they are and grow businesses from the ground up,” the DG said

  • Fidelity Bank, SMEDAN partner to boost MSMEs

    Fidelity Bank, SMEDAN partner to boost MSMEs

    Fidelity Bank Plc and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have signed a strategic partnership aimed at bolstering the growth and expansion of Micro, Small, and Medium Enterprises (MSMEs) across the continent.

    The partnership, which will grant Fidelity Bank access to provide friendly interest rate loans to MSMEs referred by SMEDAN, is projected at empowering Nigerian entrepreneurs, particularly in the area of finance, capacity-building, and market access.

    Speaking during the Memorandum of Understanding (MoU) signing ceremony held at the bank’s corporate head office in Lagos recently, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, represented by the Executive Director, Lagos and SouthWest Businesses, Dr. Ken Opara, highlighted the bank’s long-standing commitment to the nation’s MSME sector noting that, for over two decades, Fidelity Bank has been at the forefront of pioneering innovative solutions to support small businesses.

    According to Onyeali-Ikpe, the partnership between Fidelity Bank and SMEDAN is not a mere signing of an agreement but a renewed commitment to empowering MSMEs, recognising their pivotal role in driving economic growth, creating employment, and fostering national development in the years to come.

    Onyeali-Ikpe noted that, “Fidelity Bank and SMEDAN will work closely to design and implement strategies that will drive sustainable growth in the MSME sector and also provide MSME-friendly interest rate loans, to businesses referred by SMEDAN.

    READ ALSO: Oloyede: Beyond the glitch

     “Our aim is to provide small businesses with access to finance, business development support, and market links necessary to expand their production capacities and reach wider markets. The bank is committed to investing in financial literacy programmes, access to market initiatives, and reward high-performing MSMEs.

     “We will organise joint forums, create awareness programs, and ensure that entrepreneurs receive the mentorship, counseling, and business development services they need to succeed. We urge entrepreneurs to seize the opportunities presented by this partnership to build a thriving MSME ecosystem together,” he said.

    Director General, SMEDAN, Mr. Charles Odii said: “The significant component of the SMEDAN-Fidelity Bank partnership is the focus on nurturing the growth of small businesses, including micro multinational business enterprises and expand our operations within the broader African market.

     “We want to commend Fidelity Bank for its unwavering commitment to MSME development and for partnering with the agency on the crucial journey to power the revival of entrepreneurship. We are optimistic about the collaboration in driving economic growth, creating employment, and fostering national development.

     “The agency has conducted a comprehensive nationwide survey designed to accurately ascertain the precise number and distribution of MSMEs operating in Nigeria and the existing survey puts the number of MSMEs at approximately 40 million businesses, with an overwhelming 90 per cent classified as nano enterprises.”

    Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

  • SMEDAN unveils initiative to boost SMEs

    SMEDAN unveils initiative to boost SMEs

    The Small and Medium Enterprises Development Agency (SMEDAN) has initiated programs to assist Small and Medium Enterprises (SMEs) overcome obstacles in businesses using the Guidance, Resources, Opportunities, and Workforce Support (GROW) Nigerian initiative method.

    The GROW Nigerian is SMEDAN’s strategic blueprint that outlines plans to accelerate economic growth by providing vital resources to Micro, Small and Medium Enterprises (MSMEs) in key sectors of the Nigerian economy.

    The Director-General, SMEDAN Charles Odii who spoke with the Commerce and Industry Association of Nigerian (CICAN) in Abuja said GROW is the acronym for Guidance, Resources, Opportunities, and Workforce Support.

    He disclosed this during the media parley, stating that SMEDAN with this initiative would be able to assist SMEs overcome common obstacles and experience growth in various sectors of the economy, with focus on critical sectors of the economy.

    He said: “The Agency is targeting to create more jobs through its GROW Nigerian strategy, offering training, skills development programmes including resources to empower entrepreneurs and their teams and fostering productivity and innovation within small businesses.

    Read Also: FAAN seeks improved funding to strengthen training, infrastructure for global certification

    “Within the first three months of this year alone, over 90,000 jobs have been created through the implementation of various initiatives. SMEDAN would provide small businesses with expert advice, mentorship and strategic direction to navigate challenges, it will also maximise growth and potentials, equip them with essential tools, funding, technology and infrastructure necessary for operational efficiency and sustainability.”

    He said this will enable SMEDAN to create platforms and market access opportunities for small businesses to showcase their products and services as well as expand their reach. “‘It proposes our theory of change which holds that by providing adequate Guidance, Resources, Opportunities, and Workforce Support (GROW), SMEs can overcome common obstacles and experience growth,” he said.

  • SMEDAN creates 90,160 jobs in Q1

    SMEDAN creates 90,160 jobs in Q1

    The Director-General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) Charles Odii, has said the agency created 90,160 new jobs in the first quarter of (Q1) 2025, driven by targeted empowerment programs and strategic collaborations.

    In a statement signed by the management, the Q1 performance report of the agency has  supported more than 116,000 entrepreneurs nationwide with vital resources including training, access to finance, markets and the distribution of work tools.

    SMEDAN’s empowerment efforts were supported by a growing network of partners in addition to its collaboration with members of the National Assembly, the agency worked with private sector players such as Google and Wema Bank to train thousands of entrepreneurs, equipping them with digital and financial literacy skills critical for modern enterprise.

    Odii said: “Key highlight of SMEDAN’s work is its support for the formalization of thousands of small businesses, helping them register with the Corporate Affairs Commission (CAC). These businesses are now better positioned to access funding, participate in supply chains, and compete in local and international markets.

    Read Also: SMEDAN prepares NMSMEs for AfCFTA opportunities

    “In Abuja, the agency’s Garment and Textile Hub at the Industrial Development Centre in Idu has become a model of inclusive industrial growth. The hub provides fashion entrepreneurs with affordable access to modern industrial machines, steady power—solarized through a partnership with UNDP—and a safe, conducive workspace. The result is increased productivity, job creation, and a pathway to scale for local designers.

    “To further support business growth, SMEDAN distributed a wide range of essential work tools including sport utility vehicles, mini buses, laptop computers, industrial sewing machines, tricycles, power generators, and more, helping entrepreneurs across states start or expand their businesses. In total, the agency distributed 123,743 work tools in Q1 2025, covering all 36 states of the country.

    “This report underscores the impact of our GROW Nigerian strategy, which focuses on providing Guidance, Resources, Opportunities, and Workforce support to small businesses across the country.

  • Lack of record keeping stalls SMEDAN, Sterling Bank funds disbursement

    Lack of record keeping stalls SMEDAN, Sterling Bank funds disbursement

    The Director General, Small and Medium Enterprise Development Agencies (SMEDAN), Charles Odiii disclosed that Sterling Bank had provided N5billion as loan for Small and Medium Enterprises (SMEs) to upgrade their businesses, but only N250 million has so far been disbursed across the 36 states of the federation including the Federal Capital Territory, FCT.

    The N5 billion is not a grant but a loan to be accessed and paid back. The information was disclosed during the signing of the memorandum of understanding (MoU) between the two organisations SMEDAN and Sterling Bank. Presently a lot of small businesses are still finding it difficult to access this loan due to their lack of capacity  and non-keeping of business records.

    Odii said the agency is experiencing a stunted disbursement of these loans which was not expected at all as he explained that the money is available but cannot be accessed due to lack of capacity.

    The Director-General who spoke with The Nation in Abuja disclosed that SMEDAN is working through its business clinics to train more people and licence them to increase their capacity to unlocking their businesses.

    He said: “We are experiencing stunted disbursements in these loans because it is not going the way we expected, the small businesses do not have the right capacity and again most of the small businesses are run without records. We are working through our business clinics to train more people and licence them to increase their capacity to unlocking their businesses.

    Read Also: PDP: From bloom to gloom

    “At Q1 we have so far trained 12000 business owners through some of our partners and we plan to do more to equip the capacity of our businesses. For the loan assessment, the state that really did well in the area of loan acceessment is Katsina State.

    “The present governor of Katsina State who was a one time Director-General SMEDAN, Umar Dikko Radda leveraged the information and ensured the state’s SMEs benefitted from these loans; 204 from the state accessed the loan. Katsina State alone was able to do about N200 million in the disbursement.

    “We have disbursed approximately N250million across the 36 states of the federation including the federal Capital Territory FCT which is only five per cent of the funds available. We have also signed a MoU with other state governments and BoI, so we can disburse more loans to small businesses.”

    Odii added that SMEDAN signed a MoU with Katsina to the tune of N1 billion for SMEs in the state stating that the governor is putting in a lot efforts to help small businesses access the fund. “We created the SMEs data bank, where small businesses have to register so we can know them, understand their track record and give them finances,” he said.

  • SMEDAN prepares NMSMEs for AfCFTA opportunities

    SMEDAN prepares NMSMEs for AfCFTA opportunities

    The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has equipped several Nano, Micro, Small and Medium Enterprises (NMSMEs) in Lagos with cutting-edge skills in packaging and branding.

    SMEDAN’s Chief Executive Officer/ Director General, Mr Charles Odii, yesterday in Lagos, said the ongoing training would enable NMSMEs to unlock the vast opportunities in the Africa Continental Free Trade Area(AfCFTA).

    Odii, represented by the Deputy Director, Special Duties, SMEDAN, Mr Tunde Oloyede, noted the critical role of packaging and branding in creating competitive and export-ready products.

    According to him, the training is part of SMEDAN’s strategic initiatives aimed at building the capacity of Nigerian enterprises to take advantage of the AfCFTA’s 1.3 billion consumers.

    “We are not just training for local excellence but we are preparing Nigerian NMSMEs to become continental brands.

    “With the right packaging and branding strategies, our products can compete favourably across African markets and beyond,” he said.

    Read Also: New refinery licences

    Odii added that the training would also raise the bar for Nigerian products competitiveness.

    He disclosed that the training covered practical modules on modern packaging techniques, brand identity development, regulatory compliance, and market positioning.

    Odii said participants included entrepreneurs, startups, cooperatives, and business support organisations from across various sectors, including agribusiness, cosmetics, food processing, textiles, and more.

    “The initiative aims to address longstanding challenges faced by Nigerian products in regional markets, such as poor presentation, weak brand visibility, and non-compliance with international trade standards.

    The training featured expert-led presentations, live product audits, case studies of successful African brands, and interactive design labs.

    “Key topics covered included designing packaging that complies with AfCFTA export requirements, developing culturally resonant yet globally appealing brand identities, leveraging e-commerce platforms, and exploring cost-effective, sustainable packaging solutions,” he said.

    Odii unveiled the agency’s plans to replicate the training in the northern region of Nigeria in the coming weeks, to scale its impact nationwide.

    According to him, the development further demonstrates the agency’s commitment to inclusive enterprise development across all geopolitical zones.