• Monday, March 04, 2024
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SMEDAN secures N1bn matching fund from Katsina to boost SMEs

SMEDAN secures N1bn matching fund from Katsina to boost SMEs

… flags-off initiative to boost local production

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has signed a deal with Katsina State for a N1 billion matching funding from the later aimed at boosting small scale businesses.

The pact, expected to kick off this quarter with an initial injection of N250 million, was signed on Thursday, at the agency’s headquarters in Abuja during the visit of Governor Dikko Umaru Radda of Katsina State.

Read also: 100-Day Milestone: SMEDAN facilitates 15,000 jobs, over N7bn direct funding

SMEDAN had also signed similar agreements with Anambra and Enugu states, and the funds disbursed would be available to SMEs as single-digit interest loans to address the challenge of high cost of capital and expansion funds. The agreement marks a milestone in SMEDAN’s efforts to facilitate access to finance by SMEs.

Similarly, a Memorandum of Understanding (MoU) was signed between the agency and Katsina State government to overhaul the Industrial Development Centre (IDC) in the state 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, Charles Odii, the director-general of SMEDAN, expressed gratitude to 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.” Odii stated.

Read also: SMEDAN unveils internship initiative to empower entrepreneurs

Radda on his part, highlighted the importance of SMEs to national growth and their central role in President Bola Tinubu’s economic agenda. He emphasised the efforts of the Katsina State SME Development Agency and stressed the need for collaboration to harness the contributions of SMEs in job creation and economic revitalisation.