SMEDAN partners with Anambra on N1bn pact to boost SMEs growth

A N1bn loan support agreement has been signed between the Small and Medium Enterprises Development Agency of Nigeria and the Anambra State Government to bolster the growth of Small and Medium-sized Enterprises in the state.

The agreement contains a joint contribution of N500m from each institution to stimulate SME growth, drive innovation, expansion, and job creation in the state.

A statement signed by a media aide to the SMEDAN Director-General, Peter Adeshina, disclosed this and was obtained by a correspondent on Sunday.

Adeshina explained that the new agreement underscores the agency’s commitment to ensuring SMEs have access to vital funding across Nigeria.

According to the statement, “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 organisations to address funding and capacity development for SMEs. Just this week, we launched the SMEDAN Climate and Green Energy Desk to support climate entrepreneurs in 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.”

The SMEDAN boss also expressed his commitment to ensure that the funds, once accessible to SMEs, are disbursed in a timely, transparent, and equitable manner, eliminating any obstacles preventing deserving SMEs from accessing these vital funds.