The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has announced its partnership with the National Assembly to register, formalize, and provide funding opportunities for one million small businesses nationwide.
Charles Odii, the Director-General of SMEDAN, revealed this during a meeting between young members of the National Assembly and young entrepreneurs in Abuja. The discussions at the meeting covered important topics like funding access, regulatory hurdles, and the need for enhanced support and resources.
Odii emphasized that the initiative to fund one million businesses is a vital part of SMEDAN’s mission to promote prosperity through the growth of small and medium enterprises (SMEs). He acknowledged that the primary challenge faced in this endeavor is the lack of formal structures within many SMEs. He expressed the agency’s commitment to working together with the National Assembly to change this situation and ensure that SMEs have access to opportunities for growth.
The event was attended by notable figures including Ayodele Olawande, Minister of State for Youth, and several members of the National Assembly representing various constituencies. Odii highlighted the dual role played by lawmakers as credible representatives of Nigerians at the grassroots level and as legislators. He underscored their invaluable contribution to the mission of small business development in the nation.
Odii assured that SMEDAN will collaborate with lawmakers to identify, train, and prepare small businesses in their respective constituencies for funding. He also mentioned that numerous organizations, both local and international, are ready to support SMEs with funding opportunities.