Funding

Anambra state and SMEDAN enter agreement to fund SMEs

Anambra state and SMEDAN

The Anambra State Government and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) recently entered into a financial agreement worth N1 billion in Awka, the capital of the state.

The agreement is aimed at providing funding for Small and Medium-sized Enterprises (SMEs) in Anambra State. 

According to the terms of the agreement, the Anambra State government will contribute N500 million, and SMEDAN will match this amount with an additional N500 million. 

The signing of the N1bn funding agreement took place with Charles Odii, the Director-General of the Small and Medium Enterprises Development Agency, (SMEDAN) and Christian C. Udechukwu, the Commissioner for Industry in Anambra State. 

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In a statement released and signed by the media aide to the SMEDAN Director-General, Peter Adeshina, this new agreement reflects the agency’s commitment to ensuring that SMEs have access to essential funding opportunities across Nigeria.

The Director-General commended the Anambra State government for their dedication to this initiative. 

  • The statement read, “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.” 
Read:  US Supports 18,000 Nigerian MSMES to Access $244m Agribusiness Grant.

Funds to be fairly distributed when available 

Furthermore, the head of SMEDAN pledged to guarantee that once the funds become available to SMEs, they will be distributed promptly, openly, and fairly, removing any hindrances that might obstruct deserving SMEs from obtaining these crucial funds. 

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The statement also noted that the Director-General of SMEDAN has been actively collaborating with bank executives and other influential figures in the financial industry to promote affordable credit alternatives for SMEs, such as single-digit interest-rate loans. 

Nairametrics

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