The Small and Medium Enterprises Development Agency of Nigeria has signed a Memorandum of Understanding with the Anambra State Government to bolster the growth of Small and Medium-sized Enterprises in the state.
The agreement signed on Friday, will support SMEs with N1billion in a matching fund arrangement.
The matching funds are funds that are set to be paid in proportion to funds available from other sources.
This was disclosed in a statement signed by media aide to the SMEDAN DG, Peter Adeshina, and obtained by our correspondent on Saturday.
According to Adeshina, the new agreement underscores the agency’s commitment to ensure SMEs have access to vital funding across Nigeria.
Commending the Anambra State government for their commitment, the statement quoted the DG as saying, “This level of meaningful support is what we expect from state governments nationwide, given the established importance of SMEs in driving economic development and prosperity. Small businesses are the backbone of employment and contribute nearly half of our GDP. If we intend to jumpstart the economy, we must invest in them and provide substantial support for their growth.”
“We have initiated discussions with several local and international organizations to address funding and capacity development for SMEs. Just this week, we launched the SMEDAN Climate and Green Energy Desk to support climate entrepreneurs addressing environmental challenges hindering SME growth in the nation. We are witnessing strong interest from global stakeholders eager to back local initiatives combating climate change and unlocking fresh economic opportunities.”
In addition, the SMEDAN boss promised to ensure that the funds, once accessible to SMEs, will be disbursed in a timely, transparent, and equitable manner, eliminating any obstacles preventing deserving SMEs from accessing these vital funds.
The statement added that the SMEDAN DG has been actively engaging with bank executives and other key players in the financial sector to advocate for affordable credit options for SMEs, including single-digit loans.