The Small and Medium Enterprises Development Agency (SMEDAN) has moved to create more jobs in the Micro, Small and Medium Enterprises (MSMEs) sector through its “GROW Nigerian” strategy.
Speaking while meeting with Members of Commerce and Industry Correspondents Association of Nigeria (CICAN), the Director-General of SMEDAN, Mr Charles Odii said through the strategy of GROW which is an acronym for Guidance, Resources, Opportunities, and Workforce Support, SMEDAN would be able to assist SMEs overcome common obstacles and experience growth in various sectors of the Nigerian economy.
He explained that through the initiative SMEDAN would provide small businesses with expert advice, mentorship, and strategic direction to navigate challenges and maximize growth potentials; equip them with essential tools, funding, technology and infrastructure necessary for operational efficiency and sustainability.
“GROW Nigerian is SMEDAN’s strategic blueprint outlining plans to accelerate economic growth by providing vital resources to Micro, Small and Medium Enterprises (MSMEs) in key sectors of the Nigerian economy.
“It proposes our theory of change which holds that by providing adequate Guidance, Resources, Opportunities, and Workforce Support (GROW), SMEs can overcome common obstacles and experience growth.”
Odii further stated that the agency has achieved so much in repositioning the MSMEs sector, adding that within the first three months of this year alone, over 90,000 jobs have been created through the implementation of various initiatives.
The DG noted that going forward, SMEDAN, through the GROW Nigerian strategy, would be focusing on eight critical sectors of the Nigerian economy.
He outlined eight critical areas of growth to include agriculture value chain, fashion and textile industry, tourism and hospitality, manufacturing and production, education, Nigerian digital economy, innovation and new tech adoption.
Odii expressed optimism that through some of the programmes being implemented by SMEDAN, the agency would be able to address some of the identified challenges facing MSMEs businesses in Nigeria.
The DG also listed some of challenges hindering MSMEs to include difficulty in accessing capital and funding for business ventures, high operating costs, regulatory burdens which include issues such as multiple taxation, high registration costs, and bureaucratic bottlenecks, and lack of skilled workforce and training opportunities.
Others he said are inadequate physical and technological infrastructure, especially in rural areas, poor market access, limited access to technology and innovation as well as insufficient access to cutting edge technology and innovative resources.
“If SMEDAN, in collaboration with key partners and stakeholders, empower entrepreneurs with the right combination of what they need to grow – knowledge, capital, team support, access to market, network and ecosystem support their growth will be accelerated and they will build sustainable businesses that will create jobs, improve our quality of life and deliver value for all,” Odii concluded.
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