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.
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
