SMEDAN: All You Need to Know
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) is a pivotal organization committed to fostering the growth and development of Nano, Micro, Small, and Medium-sized Enterprises (NMSMEs) across Nigeria.
With a mission to provide essential support through initiatives like capacity building, access to finance, entrepreneurship training, and advocacy for SME-friendly policies, SMEDAN plays a crucial role in the Nigerian economy. Here's everything you need to know about SMEDAN and how it can help your business thrive.
Their Commitment
SMEDAN is dedicated to helping Nigerian SMEs grow sustainably by providing the right amount of Guidance, Resources, Opportunities, and Workforce Support (G.R.O.W.).
This comprehensive approach ensures that businesses receive the necessary tools and knowledge to achieve lasting success.
Mission and Vision
SMEDAN's mission is to foster the growth and development of NMSMEs across Nigeria by providing vital support through:
- Capacity Building: Enhancing the skills and capabilities of business owners and their employees.
- Access to Finance: Facilitating easy access to financial resources through various loan schemes and funding programs.
- Entrepreneurship Training: Offering training programs to equip entrepreneurs with the knowledge and skills necessary for success.
- Policy Advocacy: Working with the government to create and implement policies that benefit the SME sector.
Featured Programs
A learning platform for small business owners to take comprehensive courses on how to grow their business such as business proposal writing, how to market products and so much more.
Garment and Textile Cluster Growth Support Scheme (GCSS)
- Elevate your fashion business by participating in the GCSS Program, which offers support to businesses in the garment and textile industry, helping them reach new heights.
Agri-business Development and Empowerment Programme
- Designed to grow your agri-business by providing the resources and support needed to feed the nation. Terms and conditions apply.
Women in Self-employment Programme
- A program tailored to make business better for women, offering a bouquet of offerings to support female entrepreneurs.
One Local Government One Product
- This initiative aims to build the economy by enhancing local production capacity and quality in various local governments.
Leadership: DG/CEO Charles Odii
Charles Odii have founded initiatives resulting in the creation of 15,000 jobs and the facilitation of over 7 billion naira in funding for Small and Medium Enterprises (SMEs). Appointed by President Bola Ahmed Tinubu, Mr. Odii brings extensive experience and contributions to the MSME sector, including the design and execution of projects that support small businesses in Nigeria and across the continent.
Since assuming office on October 13, 2023, Mr. Odii, age 35, has introduced a seven-point prosperity agenda focusing on providing SMEs with access to finance, markets, capacity building, partnerships, a business-friendly environment, and streamlined processes for sustainable growth.
Job Creation and Funding Initiatives
- 5 Billion Naira Single-Digit Interest Loan with Sterling Bank: Under Mr. Odii’s leadership, SMEDAN secured a groundbreaking agreement with Sterling Bank, unlocking a 5 billion Naira fund at single-digit interest rates to empower businesses. Over 200,000 applications have been received, and due diligence is underway for disbursement.
- Matching Fund Agreement with Anambra and Enugu State Governments: Collaborating with Anambra and Enugu state governments, SMEDAN injected 1 billion naira into MSMEs in each state under a matching fund agreement.
- Flag off of the Conditional Grant Scheme (CGS): Economic activities at the grassroots level were revitalized with a cash injection of N50,000 into nano businesses, creating jobs with the condition that they hire one more person.
Innovative Programs and Facilities
- Launch of the Green Energy and Climate Change Desk: To address environmental challenges impacting businesses, SMEDAN introduced the Climate Change Desk, supporting displaced businesses and promoting the adoption of green energy solutions.
- Commissioning of Head Office Equipped with Modern Work Hubs: A state-of-the-art office complex was commissioned, housing dedicated staff and featuring facilities such as a textile and garment hub for fashion businesses and a woodwork and furniture facility for aspiring artisans.
- Launch of the SMEDAN Undergraduate Internship Program (SUIP): In commitment to early entrepreneurship readiness, a student internship program was launched to provide students with real-world business experience and resources to start, continue, and scale. Baze University served as the pilot ground, with more universities set to partner with the agency to execute the program.
Policy and Collaboration Initiatives
- National Council on SMEs: Launched and chaired by Vice President Senator Kashim Shettima, SMEDAN serves as the secretariat of the Council, uniquely positioning the agency to drive policy changes and facilitate inter-governmental collaboration for strategic SME investments.
- MSME CLINIC: A weekly initiative connecting SMEs with resources and knowledge needed for growth. Entrepreneurs, regulators, and experienced SME development professionals collaborate to provide mentorship and solutions, creating a one-stop shop for SMEs.
Culture and Digital Transformation
- Internal Culture Reform and Digital Transformation: Accompanied by a cultural reset within the agency aimed at fostering creativity and teamwork, a digital transformation empowering staff with tools and training for greater productivity and progress tracking. The agency has launched various social clubs to promote a healthy lifestyle, enhance productivity and focus, and instill a sense of shared mission.
- Nationwide Small Business Census: Continuing its data-driven approach for impact, the agency is set to commence a nationwide small business census to create a credible and comprehensive database of SMEs in the country and enhance the quality of its interventions.
Wrapping Up
SMEDAN is here to support the growth and sustainability of Nigerian SMEs through various programs, resources, and partnerships. By participating in SMEDAN’s initiatives, you can access the guidance, resources, opportunities, and workforce support needed to take your business to new heights. Join the SME Digital Academy today and start your journey towards business success with SMEDAN, your partner in prosperity.