The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) announced the creation of 15,000 jobs for beneficiaries of its training and capital financing programs across 30 states within its first 100 days. Charles Odii, the Director General of SMEDAN, led impactful initiatives that resulted in significant job opportunities and the facilitation of over N7 billion in funding for Small and Medium Enterprises (SMEs).
Under Odii’s leadership, SMEDAN also secured a groundbreaking agreement with Sterling Bank, unlocking a N5 billion fund at single-digit interest rates to empower businesses. With over 200,000 applications received, the due diligence process is underway for disbursement of funds. In addition, SMEDAN injected N1 billion into SMEs through a matching fund agreement with the Anambra and Enugu State governments to support the growth of small enterprises.
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Economic activities at the grassroots level received a boost through a cash injection of N50,000 into nano businesses, with the condition to hire one more person, thus creating jobs. These accomplishments align with SMEDAN’s agenda for inclusive economic growth and poverty eradication.
Charles Odii, in unveiling his seven-point prosperity agenda, pledged to focus on providing SMEs with access to finance, markets, capacity building, partnerships, a business-friendly environment, and streamlined processes for sustainable growth. SMEDAN’s commitment to a data-driven approach will be further emphasized through a nationwide small business census, aiming to create a credible and comprehensive database of SMEs in the country to enhance the quality of interventions.
Read Also: Cascador Supports SMEs in Nigeria to Raise $23m Four Years
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