Anambra State Government and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), recently signed a one billion naira (N1bn) agreement in Awka, the state capital, to fund Small and Medium sized Enterprises in Anambra State.
Under the agreement terms, Anambra State Government will provide five hundred million naira (N500,000,000) and SMEDAN will match it with another five hundred million naira (N500,000,000).
The N1bn funding agreement was signed by Charles Odhii, Director General of Small and Medium Enterprises Development Agency and Christian C. Udechukwu, Commissioner for Industry, Anambra State with Mark Okoye, Chief Executive Officer of Anambra State Investment Promotion and Protection Agency (ANSIPPA) as witness for both partners.
ANSG and SMEDAN funding partnership will be integrated into Governor Chukwuma Charles Soludo’s agenda for targeted sustainable economic support for small and medium enterprises industrial growth in Anambra State.
Meanwhile,in a statement released and signed by media aide to the SMEDAN DG, Peter Adeshina, the new agreement underscores the agency’s commitment to ensure SMEs have access to vital funding across Nigeria.
Commending the Anambra State government for their 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 organizations to address funding and capacity development for SMEs. Just this week, we launched the SMEDAN Climate and Green Energy Desk to support climate entrepreneurs 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.”
In addition, the SMEDAN boss promised to ensure that the funds, once accessible to SMEs, will be disbursed in a timely, transparent, and equitable manner, eliminating any obstacles preventing deserving SMEs from accessing these vital funds.
The statement added that the SMEDAN DG has been actively engaging with bank executives and other key players in the financial sector to advocate for affordable credit options for SMEs, including single-digit loans.
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