One Million SMEs to Get Formalisation, Funding Support from SMEDAN, National Assembly
One Million SMEs to Get Formalisation, Funding Support from SMEDAN, National Assembly
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has announced plans to collaborate with the National Assembly to formalise and fund one million small and medium-sized enterprises (SMEs) across the country. READ MORE…
SMEDAN Director-General, Charles Odii, made the announcement during a meeting with young members of the National Assembly and young entrepreneurs in Abuja on Tuesday, October 30, 2023.
Odii said the initiative to fund one million businesses is a crucial component of the agency's mission to foster prosperity through the growth of SMEs.
"SMEs are the backbone of the Nigerian economy, accounting for over 90% of businesses and contributing over 50% of GDP," Odii said. "However, SMEs are often faced with challenges such as access to funding, regulatory challenges, and lack of support and resources."
The collaboration with the National Assembly is aimed at addressing these challenges and creating an enabling environment for SMEs to thrive.
Odii said SMEDAN will work with the National Assembly to develop and implement policies that support SMEs. The agency will also provide training and support to SMEs to help them formalise their businesses and access funding.
The SMEDAN DG called on young entrepreneurs to take advantage of the opportunity to formalise and fund their businesses.
"The initiative to fund one million businesses is a unique opportunity for young entrepreneurs to grow their businesses and create jobs," Odii said. "I encourage all young entrepreneurs to take advantage of this opportunity."
The collaboration between SMEDAN and the National Assembly is a welcome development. It has the potential to boost the growth of SMEs and create jobs for millions of Nigerians.
Here are some of the benefits of the collaboration:
- Increased access to funding
One of the biggest challenges faced by SMEs is access to funding. The collaboration with the National Assembly is expected to lead to the development of new funding schemes and programs for SMEs.
- Reduced regulatory burden
SMEs are often burdened by complex and overlapping regulations. The collaboration is expected to lead to the simplification and streamlining of regulations to make it easier for SMEs to operate.
- Increased support and resources
SMEs need access to training, support, and resources to grow their businesses. The collaboration is expected to lead to the provision of more support and resources to SMEs.
Overall, the collaboration between SMEDAN and the National Assembly is a positive step that has the potential to boost the growth of SMEs and create jobs for millions of Nigerians.
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