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SMEDAN, Anambra sign N1bn pact to boost SMEs growth

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

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

The PUNCH reports that matching funds are funds that are set to be paid in proportion to funds available from other sources.

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

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

Commending the Anambra State for its commitment, the statement quoted the DG as saying, “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 promised 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.

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