In view of the criticality and importance of Micro, Small and Medium enterprises to sustainable growth of the nation’s economy,The Director General of the Small and Medium Enterprises Development Agency of Nigeria, (SMEDAN), Dr Dikko Umaru Radda, has approved the extension of the debt repayment moratorium for the One Local Government One Product (OLOP) beneficiaries from three months to one year. This was disclosed in a statement released by the the Corporate Affairs Unit of the agency .
According to him “After studying the current trends regarding the global pandemic as it has affected the country, management has agreed to further extend the moratorium to one year with effect from April this year.”
Umaru however, urged participating micro finance banks MFBs) to comply with the latest directive while also urging to MSMEs to take advantage of the Central Bank of Nigeria’s N50 billion COVID-19 intervention fund for the sub-sector and households
Since the apex bank has waived the provision of guarantors as a requirements for accessing the loan,the SMEDAN boss believe that MSMEs should readily avail themselves of the opportunity.
According to the mandate of SMEDAN as contained in the enabling act,the agency is set up for the purpose of
stimulating, monitoring and coordinating the development of the MSMEs sub-sector;
initiating and articulating policy ideas for small and medium enterprises growth and development;promoting and facilitating development programs, instruments and support services to accelerate the development and modernization of MSME operations.