As part of effort to assist in cushioning the impact of the fuel subsidy removal by the Federal Government, the Small and Medium Enterprises Development Agency of Nigeria is collaborating with some banks to close the huge funding deficit within the Micro, Small and Medium Enterprises subsector of the economy estimated at over $158bn.
The move according to the Director-General, SMEDAN, Olawale Fasanya, is to upscale the matching fund programme entered with some banks to the tune of N1.2bn for MSMEs development in the country.
The SMEDAN helmsman who disclosed this at a news conference to commemorate the 2023 United Nations MSMEs’ Day celebration said the partners would provided N600m for SMEDAN to make up the balance of N600m.
Noting the critical contribution of MSMEs to the economy, the SMEDAN boss also took out time to highlight on other great strides the agency has recorded so far. The theme for the 2023 United Nations MSMEs’ Day is, “Building a Stronger Future Together”
