The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) announced on Monday that it has successfully generated 15,000 jobs and facilitated over N7 billion in funding for beneficiaries of its training and capital financing programs across 30 states within 100 days. The statement was signed by Peter Adeshina, the media aide to SMEDAN’s Director General, Charles Odii, in Abuja.
Under the leadership of Director General Charles Odii, who assumed office on October 13, 2023, SMEDAN has shown significant commitment to its mandate. The agency secured a groundbreaking agreement with Sterling Bank, unlocking a N5 billion fund at single-digit interest rates to empower businesses. Over 200,000 applications have been received, with due diligence underway for disbursement.
Additionally, SMEDAN injected N1 billion into MSMEs under a matching fund agreement with the Anambra and Enugu State governments to foster the growth of small enterprises. The agency revitalized economic activities at the grassroots level by injecting N50,000 into nano businesses, with the condition that they hire one more person, aligning with the agenda for inclusive economic growth and poverty eradication.
Charles Odii’s seven-point prosperity agenda, focused on providing SMEs with access to finance, markets, capacity building, partnerships, a business-friendly environment, and streamlined processes for sustainable growth, has already demonstrated positive outcomes. The agency is set to launch a nationwide small business census to create a comprehensive database of SMEs in the country, further enhancing the impact of its interventions.
