Within the last two years, the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has raised over ₦11 billion in funding to support small businesses nationwide.
The funds, according to the agency, have helped create more than 100,000 jobs across different sectors, part of its strategy to revive the country’s economy through grassroots enterprise.
In an exclusive conversation with NAN, the Director-General of SMEDAN, Charles Odii, laid bare the scale of the agency’s operations. SMEDAN has gone beyond access to money, combining finance, equipment, and regulatory support to expand the capacity of Nigeria’s SME sector.
“We have mobilised over ₦11 billion to make financing more affordable for small businesses and helped create more than 100,000 new jobs across the country,” Odii said.
This achievement, he noted, is tied to the Tinubu administration’s Renewed Hope Agenda. But while the political umbrella gives the initiative a national face, the on-ground execution has been anything but cosmetic.
SMEDAN has been working with the National Assembly and foreign partners such as the United Nations Development Programme (UNDP), Google, and GIZ to offer practical support, particularly in the areas of digitisation and technical capacity building.
In parallel, SMEDAN has reactivated previously dormant Industrial Development Centres (IDCs), including facilities in Abuja, Osun, and Katsina.
These hubs are now functional again, providing small businesses with reliable power, access to modern machinery, and hands-on operational support. It’s a big change from the past when small businesses were expected to grow without infrastructure.
Odii explained, “As part of efforts to revitalise local production, SMEDAN has also restored operations at several Industrial Development Centres, including those in Abuja, Osun, and Katsina States, where small businesses now benefit from access to modern machinery, steady power supply, and enterprise support.”
He stressed that SMEDAN’s collaboration with regulatory agencies, Corporate Affairs Commission (CAC), NAFDAC, Standards Organisation of Nigeria (SON), and the Federal Inland Revenue Service (FIRS), is helping businesses formalise without the traditional bottlenecks.
“Formalisation remains a key focus. SMEDAN has partnered with key regulatory agencies to ease the business environment,” he said.
That includes support for business registration, tax compliance, and access to standards and quality certification, barriers that previously limited many small business owners to informal trading.
Odii also pointed to youth-focused initiatives. SMEDAN is currently working with the National Youth Service Corps (NYSC) to convert bright ideas into viable businesses. The approach was to identify talent early, offer tools, and back them with business education and resources.
“This is what the Renewed Hope Agenda looks like in action; real support, real results, and a growing ecosystem where Nigerian businesses can thrive,” he stated.
An example is the SMEDAN Garment and Textile Hub in Abuja’s Idu Industrial Development Centre. Powered by solar and supported by the UNDP, the centre gives fashion entrepreneurs access to affordable machinery and consistent electricity, helping them scale up their operations.
“The solar-powered hub, made possible through a partnership with the UNDP, enables fashion entrepreneurs to access affordable industrial machines and stable power supply, thereby increasing productivity and job creation,” Odii explained.
Beyond hubs and partnerships, SMEDAN is pushing the “GROW Nigerian” strategy, an acronym for Guidance, Resources, Opportunities, and Workforce support. It’s designed to boost job creation and also deepen resilience within communities by anchoring local economies around empowered SMEs.
“The result is more jobs, stronger businesses, and greater value unlocked within communities nationwide.”
Not letting inflation, high costs, and policy shocks limit its goals, SMEDAN is building the foundation of a more stable and inclusive economy.
