Continuing our efforts to democratize access to finance and ensure that small businesses obtain affordable funding for working capital and expansion, SMEDAN, under the visionary leadership of Honourable Dr. Doris Uzoka-Anite, MD, CFA has taken another significant step forward. Today, we proudly signed a ₦1,000,000,000 (one billion naira) Memorandum of Agreement (MoA) with the Bank of Industry as part of a counterpart funding arrangement aimed at bolstering the SME sector.
This groundbreaking initiative is designed to provide single-digit interest rate loans to small and medium-sized enterprises (SMEs) in strategic sectors, including agro-processing, light manufacturing, fashion designing, furniture making/carpentry, welding/metal fabrication, ICT, and more. These are sectors identified as critical drivers of Nigeria’s industrial growth, with the potential to stimulate job creation, innovation, and sustained economic development. By offering SMEs access to affordable loans, this funding arrangement will empower businesses across the country to scale operations, enhance local production, and drive Nigeria’s industrial competitiveness.
Our commitment to growing Nigeria’s SME sector has been at the heart of our mission, and we are proud to lead this initiative that places the needs of local entrepreneurs at its core. We are confident that this strategic partnership with the Bank of Industry will provide much-needed support to the business community, ensuring that Nigeria’s SMEs have access to the financial resources necessary to thrive in today’s dynamic economy.
A special note of appreciation goes to Dr. Olasupo Olusi, the Managing Director of Bank of Industry Limited, and his team for their unwavering support in bringing this initiative to fruition. Their shared commitment to our #GrowNigerian vision will undoubtedly contribute to the advancement of SMEs, fostering greater local production and lasting prosperity for the nation.
At SMEDAN, we remain dedicated to creating a robust and inclusive ecosystem that enables small businesses to succeed and contribute meaningfully to Nigeria’s economy.
