The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has unveiled its 2026 road map, which includes the formalisation of small businesses, unlocking billions of naira in low-cost financing, and the rollout of a new national MSME policy.
The policy aimed at accelerating inclusive economic growth.
The Director-General of SMEDAN, Charles Odii revealed during a media parley in Abuja that the agency plans to hand over 250,000 newly registered businesses in 2026.
“In 2026, we will hand over 250,000 new registered businesses and we’re pushing to the presidency for another 1 million,” he said.
Odii said ; “Nigeria’s MSME population is expected to grow further as ongoing formalisation efforts take root nationwide. But we are very certain that even though it’s an interesting time for small businesses, that number will go up because of the formalization process that is happening around and will be unveiled in 2026.”
He also announced that a revised National MSME Policy would be unveiled in 2026, following the expiration of the current five-year policy framework.
“The second most important thing that will happen in 2026 is that we’re going to unveil the national MSME policy,” he said.
Odii noted that the review process is already ongoing, stressing that “the new policy would be shaped by direct input from small business owners across the country.”
On financing, Odii revealed that SMEDAN is brokering ₦12 billion in low-interest funding to boost MSME access to capital.
He said; “We are in the process of brokering 12 billion Naira, cheap funding for our small businesses..The number of beneficiaries would rise sharply from the current level of about 500,000.
Odii further disclosed plans to massively expand capacity-building programmes in 2026 to help MSMEs unlock access to finance.
“In the year 2026, we’re going to double that or quadruple that. We’re going to train a lot of small businesses to be able to unlock access,” he said.
Highlighting the link between economic empowerment and security, the SMEDAN boss said expanding business infrastructure nationwide would help reduce unemployment and insecurity.
Odii added that the agency is seeking regulatory approvals to establish microfinance banks and a specialised tertiary institution focused on entrepreneurship education in 2026, as part of efforts to deepen business development support for MSMEs across Nigeria.