The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has successfully obtained a ₦1 billion matching fund from the Katsina State Government, signaling a boost for small businesses in the region. The agreement, formalized at SMEDAN’s headquarters during a visit by Katsina State Governor, Dr Dikko Umaru Radda, involves an initial injection of ₦250 million this quarter. This partnership follows a pattern set with previous agreements with Anambra and Enugu state governments.
The funds, disbursed at single-digit interest rates, aim to alleviate the challenge of costly access to capital for SMEs, supporting their growth and expansion. SMEDAN Director-General, Charles Odii, expressed gratitude to Governor Radda for his longstanding commitment to SMEDAN’s mission. He emphasized the shared vision of driving national prosperity through the growth of small businesses, which he considers the foundation of the country’s economy.
Odii acknowledged the undeniable potential of SMEs in Nigeria for fostering lasting growth and prosperity, highlighting their resilience and innovative contributions. Governor Radda underscored the significance of SMEs in national development, aligning them with President Bola Ahmed Tinubu’s economic agenda. The event marked another milestone in SMEDAN’s ongoing efforts to facilitate financial access for SMEs nationwide.
