The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has secured a N1 billion funding agreement for small businesses in Katsina State.
While signing a Memorandum of Understanding (MoU) with the state government in Abuja on Thursday, the Director General of SMEDAN, Charles Odii, said the matching funding pact with the state would kick off this quarter with an initial injection of ₦250 million.
According to a statement by the DG’s media unit, “the agreement marks another milestone in ongoing efforts to facilitate financial access for SMEs nationwide.
“Similar to agreements previously signed with the Anambra and Enugu state governments, the funds disbursed will be available to SMEs as single-digit interest loans, addressing the problem of expensive access to capital and expansion funds.
“Additionally, a Memorandum of Understanding (MoU) was signed between the agency and the state government to overhaul the Industrial Development Centre (IDC) in Katsina State.
“The goal is to transform the IDC into an impactful incubator, providing SMEs with discounted access to modern tools and essential infrastructure, including power, thereby enhancing local production quality and reducing operational costs.”.
Speaking at the event, Mr. Odii commended Governor Radda, who served as the DG of the agency for six years before his emergence as governor, for his continuous commitment to the agency’s mission. He noted their shared vision of driving national prosperity through SME growth, describing small businesses as the bedrock of the country’s economy.
The potential of SMEs in Nigeria to drive lasting growth and prosperity is undeniable. The evidence of their resilience and innovative brilliance is all around us. That said, government support remains crucial for their success. This is our mission at SMEDAN: to create an enabling ecosystem for SMEs to thrive, offering ready access to finance, streamlined market entry, and regulatory support.”
On his part, the Governor of Katsina State, Dikko Radda, highlighted the importance of SMEs to national growth and their central role in the growth of the economy.
He emphasised the efforts of the Katsina State SME development agency and stressed the necessity of collaboration with SMEDAN to harness the contributions of SMEs in job creation and economic revitalization.
In a related development, SMEDAN flagged off its flagship initiative, ‘One Local Government, One Product’ (OLOP), designed to empower local cooperatives to stimulate production by supporting businesses leveraging the unique resource advantages of each local government. Selected cooperatives in the agribusiness value chain were awarded funds, 70% of which are repayable loans, as part of the initiative’s rollout this year.
Mr Odii encouraged the prudent use of funds and prompt repayment, citing the potential of OLOP to address Nigeria’s food inflation challenge and boost export efforts.
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