The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has reported significant achievements within the first 100 days of Charles Odii’s tenure as the agency’s director-general. These achievements include the creation of jobs and funding for small and medium enterprises (SMEs).
One of the notable accomplishments highlighted by SMEDAN is the securing of a N5 billion single-digit interest loan in collaboration with Sterling Bank. The agency received over 200,000 loan applications, and due diligence is currently underway for disbursement. Additionally, SMEDAN injected N1 billion into micro, small, and medium enterprises in each state under a matching fund agreement, specifically mentioning Enugu and Anambra states.
SMEDAN emphasized its commitment to revitalizing economic activities at the grassroots level by providing a cash injection of N50,000 into nano businesses. This initiative comes with the condition that the supported enterprises hire at least one more person, contributing to job creation.
Other initiatives mentioned in the statement include the introduction of the climate change desk to address environmental challenges affecting businesses. Furthermore, SMEDAN revealed plans to conduct a nationwide small business census. The census aims to establish a credible and comprehensive database of SMEs in Nigeria, enhancing the agency’s ability to intervene effectively and support small businesses across the country.
