SMEDAN secures ₦ 1b matching fund to support SMES in Katsina

THE Small and Medium Enterprises Development Agency of Nigeria ( SMEDAN) has secured a ₦ 1 billion matching fund from the Katsina State Government to boost small businesses in the state.

The matching fund pact with the state kicked off this quarter with an initial injection of ₦ 250 million from the state government. The pact was signed yesterday at the agency's headquarters during the visit of Katsina State Governor, Dr Dikko Umaru Radda, to SMEDAN Director- General, Charles Odii, in Abuja.

The agreement marked another milestone of Odii's ongoing efforts to facilitate financial access for SMES nationwide.

The pack is similar to agreements previously signed with the Anambra and Enugu state governments.

Disbursement of the funds will be available to SMES at single- digit interest loans to address the problem of expensive access to capital and expansion funds. Speaking at the event, Odii thanked Radda, who served as the DG of the agency for six years before he emerged as governor, for his continuous commitment to the agency’s mission.

He highlighted the two parties’ shared vision of driving national prosperity through SME growth, describing small businesses as the bedrock of the country’s economy.

“The potential of SMES in Nigeria to drive lasting growth and prosperity is undeniable. The evidence of their resilience and innovative brilliance is all around us and the government’s support remains crucial for their success,” Odii said.

Radda also highlighted the importance of SMES to national growth and their central role in President Bola Ahmed Tinubu’s economic agenda.