The Director General of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Charles Odii revealed that it has impacted initiatives resulting in the creation of 15,000 jobs and the facilitation of over 7 billion naira in funding for Small and Medium Enterprises (SMEs).
Mr. Odii was appointed last year as the head of the agency by President Bola Ahmed Tinubu based on his extensive contributions to the MSME sector, including the design and execution of projects that highlight and facilitate support for small businesses in Nigeria and across the continent.
He assumed office on October 13, 2023, introducing a seven-point prosperity agenda focusing on providing SMEs with access to finance, markets, capacity building, partnerships, a business-friendly environment, and streamlined processes for sustainable growth.
In an interview in Abuja he explained that under his leadership, SMEDAN secured a groundbreaking agreement with Sterling Bank, unlocking a 5 billion Naira fund at single-digit interest rates to empower businesses. Over 200,000 applications have been received, and due diligence is underway for disbursement.
He also achieved the Matching Fund Agreement with Anambra and Enugu State Governments: Collaborating with Anambra and Enugu state governments, SMEDAN injected 1 billion naira into MSMEs in each state under a matching fund agreement.
According to him, he achieved the Flagoff of the Conditional Grant Scheme (CGS): Economic activities at the grassroots level were revitalized with a cash injection of N50,000 into nano businesses, creating jobs with the condition that they hire one more person.
Other achievements are the Innovative Programs and Facilities: Launch of the Green Energy and Climate Change Desk: To address environmental challenges impacting businesses, SMEDAN introduced the Climate Change Desk, supporting displaced businesses and promoting the adoption of green energy solutions.
Also, the Commissioning of Head Office Equipped with Modern Work Hubs: A state-of-the-art office complex was commissioned, housing dedicated staff and featuring facilities such as a textile and garment hub for fashion businesses and a woodwork and furniture facility for aspiring artisans.
“Launch of the SMEDAN Undergraduate Internship Program (SUIP): In commitment to early entrepreneurship readiness, a student internship program was launched to provide students with real-world business experience and resources to start, continue, and scale. Baze University served as the pilot ground, with more universities set to partner with the agency to execute the program,” he said
