The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has entered into a ₦1 billion counterpart funding agreement with the Zamfara State Government to expand access to finance for small businesses and entrepreneurs in the state. The announcement was made after a recent visit to Zamfara, where SMEDAN reaffirmed its mission of driving small business growth and strengthening the role of SMEs in Nigeria’s economic development. According to the agency, the fund is designed to support small-scale enterprises with financial resources that will enable them to scale operations, create sustainable jobs, and stimulate local commerce. The agreement, signed in collaboration with Governor Dauda Lawal, reflects a joint effort between SMEDAN and the Zamfara State Government to create an enabling environment for entrepreneurship. By easing access to funding, the initiative is expected to empower both existing businesses and emerging entrepreneurs, ensuring that more people are able to turn ideas into viable ventures.
SMEDAN explained that this partnership forms part of its wider strategy to work closely with state governments across the country in bridging the financing gap faced by micro, small, and medium enterprises. The agency noted that SMEs play a critical role in reducing unemployment and boosting productivity, but limited access to finance remains a major obstacle to their growth.
The Zamfara initiative highlights an increasing recognition of the importance of SMEs in driving inclusive economic development. With the new fund, more entrepreneurs in the state will be able to access affordable financing, expand into new markets, and contribute meaningfully to the diversification of the economy.
SMEDAN emphasized that collaborations of this nature not only strengthen the resilience of local economies but also signal a shared commitment to nurturing entrepreneurship at the grassroots level. The agency said the ₦1 billion fund is not just about financing but about building long-term capacity for small businesses to thrive and become competitive players in Nigeria’s economy.
