SMEDAN Secures One Billion Naira For SMEs In Katsina

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) in a statement has disclosed that it has secured N1 billion funding in a matching fund agreement for small businesses in Katsina.

The memorandum of understanding (MoU) was signed between them and the state government to revamp the Industrial Development Centre (IDC) in Katsina state. The ultimate aim is to transform the IDC into an impact incubator that can provide discounted access to modern tools and infrastructure, including power, to small businesses. This will help enhance the quality of local production and reduce operational costs.

According to the agency, the “matching funding pact” with the Katsina government will kick off with an initial disbursement of N250 million in the first quarter of the year.

During the event, Governor Radda emphasised the significance of Small and Medium Enterprises (SMEs) for the growth of the nation and their central role in President Bola Tinubu’s economic agenda. He expressed Katsina’s commitment to SME development and cooperation with SMEDAN. Governor Radda also praised Odii for his innovative approach and the successes achieved during his first 100 days as the head of the agency and urged SMEDAN staff to support him. Additionally, SMEDAN launched its ‘One Local Government, One Product (OLOP)’ initiative, which aims to empower local cooperatives to promote business growth and leverage the unique resource advantages of each local government.

Charles Odii, the Director-General of SMEDAN, expressed his appreciation to Radda, who served as the DG of the agency for six years, for his continuous commitment and support to the agency. Odii described small businesses as the bedrock of the country’s economy and said that he and Radda share a vision to drive national prosperity through SME growth. He stated that SMEDAN’s mission is to create an enabling ecosystem for SMEs to thrive, offering them ready access to finance, streamlined market entry, and regulatory support.

As part of the initiative’s rollout of the year, select cooperatives in the agribusiness value chain were awarded funds, 70% of which are repayable loans, according to the agency. Odii called for the prudent use of funds and prompt repayment, saying that the programme can address Nigeria’s food inflation challenge and boost exports.

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