Charles Odii, the head of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) in Nigeria, has stated that the government is prepared to tackle the challenges that small businesses face in order to promote their development. On April 4, 2024, following a meeting with President Bola Ahmed Tinubu at the Presidential Villa in Abuja, he addressed the public. The discussion focused on the ‘GROW Nigerian’ strategy of the Small and Medium Enterprises Development Agency of Nigeria.
It is aimed at providing small and medium enterprises with necessary guidance, resources, opportunities, and workforce assistance for success. During the meeting, it was revealed that Tinubu once again emphasized his dedication to SMEDAN’s primary goals of promoting rural industrial growth, generating employment opportunities, and improving livelihoods. According to Odii, small and medium-sized enterprises play a vital role in the goal of the president in eliminating Poverty and spreading prosperity to every part of Nigeria.
Small businesses collectively offer over 60 million jobs.
In the conversation about SMEDAN’s GROW Nigerian strategy, he showed a strong dedication to creating a supportive environment for more than 40 million small businesses. These businesses are crucial as they collectively offer over 60 million jobs. The goal is to not only shield them from rising Inflation but also give them the tools to combat and reduce such economic trends. Their goal is to collaborate with other government agencies to simplify regulations in order to promote Economic Growth and efficiency.
By eliminating barriers that impede formalization and expansion, they aim to facilitate progress and success. Small and medium-sized enterprises will benefit from the strategy by gaining access to inexpensive funding options, opening up new opportunities in both local and global markets, receiving personalized guidance, and receiving assistance in improving production standards in order to compete more effectively. Odili expressed gratitude to the President’s enthusiastic endorsement, which instilled both excitement and a sense of Security in him.
Odii thanked the president for his encouragement and generosity.
The President’s exemplary leadership and generosity of time are greatly appreciated. Odii also thanked the president for his encouragement, stating that it has reignited his drive to fervently pursue SMEDAN’s mission and achieve significant results for small business owners across the country. The establishment of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) through the SMEDAN Act of 2003 aims to enhance the growth of the MSME sector within the economy of Nigeria. Positioned as the ultimate hub for MSME Development, the Agency acts as a comprehensive resource for supporting small businesses.
More so, the Agency’s goal is to support and empower micro enterprises, as they are the foundation of small and medium-sized businesses. The vision of the Agency is to create a thriving sector for micro, small, and medium enterprises in Nigeria, contributing to sustainable economic growth. Its mission is to provide entrepreneurs and Investors in this sector with easy access to the resources they need for success. Its purpose of existence is to ensure the continued development and prosperity of these businesses.
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One of the main challenges facing society is poverty, which is caused by a lack of income opportunities and the inability to make use of those opportunities. This issue not only hinders global progress but also impacts the growth and advancement of national economies. Building a strong sector for micro, small, and medium enterprises has been shown to be an effective way to address poverty and promote economic development. SMEDAN was created in order to facilitate the growth of Nigeria’s MSMEs in a methodical and effective way, making its establishment necessary and justified.