In Awka, the capital of Anambra State, the government of Anambra and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) recently forged a financial pact amounting to N1 billion. The primary objective of this agreement is to furnish financial support to Small and Medium-sized Enterprises (SMEs) operating in Anambra State.
As per the terms outlined in the agreement, the Anambra State government is set to contribute N500 million, while SMEDAN will match this amount with an additional N500 million. The signing ceremony for this N1 billion funding agreement involved Charles Odii, the Director-General of SMEDAN, and Christian C. Udechukwu, the Commissioner for Industry in Anambra State Nigeria.
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In an official statement issued by Peter Adeshina, the media aide to the Director-General of SMEDAN, the agreement underscores the agency’s commitment to facilitating vital funding opportunities for SMEs nationwide. The Director-General expressed appreciation for the Anambra State government’s dedication to this initiative, emphasizing the significance of substantial support for SMEs in propelling economic development.
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The statement conveyed the Director-General’s sentiment: “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 the country’s GDP. If we intend to jumpstart the economy, we must invest in them and provide enough and proper support for their growth.”
Additionally, the head of SMEDAN assured that the distribution of the funds to SMEs would be conducted promptly, transparently, and fairly. The commitment is to eliminate any obstacles hindering deserving SMEs from accessing these critical funds. The statement also highlighted ongoing collaborations between the Director-General of SMEDAN, bank executives, and influential figures in the financial industry to promote affordable credit alternatives for SMEs, including loans with single-digit interest rates.
