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.

Charles Odii, the director-general of SMEDAN and Mrs Tola Odeyemi, the postmaster general of Federation, signed the MoU on Wednesday in Abuja.

Odii said that the partnership would improve business conditions, expand sales, and lower operational costs for Small and Medium Enterprises (SMEs) in Nigeria.

He described the collaboration as a direct response to feedback from SMEs regarding the high cost of logistics and its negative impact on sales.

“We are signing today 15 per cent maybe in another three months the postmaster can make it 50 per cent or review it better.

“This is the best time for this partnership, and in another three months, we are hoping that we can come back here and review what we have done.

“We will articulate clearly how much we helped small businesses in Nigeria save through our monitoring and evaluation department, and then we can continue to see how we can better this partnership.

“The discount offer will commence on Monday, August 26, and will be available to SMEs registered with SMEDAN in two ways: online pickups and walk-ins,” Odii said.

According to him, the feedback received by the agency through its engagements with SMEs revealed that, in some cases, the cost of delivery exceeds the cost of items.

The Director-General said this discouraged sales and limited commercial opportunities for SMEs in their immediate environment.

He said the partnership would leverage NIPOST’s national presence and infrastructure and its ongoing reform and modernisation efforts under the leadership of the Postmaster General of the agency.

Odii urged small business owners that are not registered with the agency to do well to register so as to benefit from the initiative and other initiatives of SMEDAN.

On her part, the Postmaster General said the partnership was long overdue and would contribute to the achievement of inclusive economic growth.

Odeyemi acknowledged that MSMEs, which represent over 90 per cent of businesses in the country and contribute half of the gross domestic product, serve as the backbone of the economy.

“So, we are here to partner with you, to partner with your mandates for small and medium enterprises in Nigeria to come on board our platform, as it is a platform for inclusive economic growth.

“I know that this partnership is one for the ages, one that will spur Nigeria’s economic growth.

“Any MSME that is registered with SMEDAN gets access to a 15 per cent discount, and it runs as long as Nigeria runs.

“Although 15 per cent discount might not look much, you have to realise that NIPOST prices are already socially oriented,” she said.

The postmaster said that through the partnership, both agencies would utilise their offices and stations nationwide to initiate, process, and fast-track deliveries.

“It will ensure that small businesses can move goods to remote parts of the country efficiently, timely, and affordably.

“To ensure a seamless and positive experience for SMEs, both agencies will maintain a dedicated customer support unit to respond to complaints and address any issues that may arise.

Dr Vincent Olatunji, the national commissioner/CEO of NDPC, represented NDPC, Mr Lanre Gbajabiamila, director general, NLRC, represented NLRC, and Mr c, director general of SMEDAN, represented SMEDAN during the signing of the MOU at the Headquarters of SMEDAN and NLRC respectively.

The partnership with SMEDAN seeks to promote data protection within the Small and Medium Enterprise ecosystem, with approximately 40 million SMEs.

The MoU establishes a framework for collaboration, including the formation of a working group to focus on capacity building in data protection.

This initiative aims to educate SMEs on adopting appropriate technical and organizational measures towards safeguarding data privacy.

Dr Olatunji who expressed optimism about the implementation of the memoranda with the two strategic agencies assured stakeholders that the trusted use of data will guarantee short, medium and long term growth.

 “You have almost 40 million players within this sector alone, imagine the exponential growth we can bring in if people can carry out transactions on the basis of trust and confidence. It is good that we are here today, to put pen into paper, we have to work together to ensure that there is privacy in what you are doing in the sector.”

The MoU between the NLRC bolsters the collaboration between the two Commissions. The DG, NLRC, Mr Lanre Gbajabiamila, expressed gratitude for NDPC’s ongoing support and also underscored the importance of safeguarding personal data within the gaming ecosystem.

The MoU formalises the commitment to uphold data protection laws and implement best practices in data storage and processing.

Dr Olatunji reiterated the significance of this partnership, emphasising the need to protect the personal data of approximately 60 million data subjects within the gaming sector.

He stressed the importance of training NLRC staff and stakeholders on data protection principles to foster a culture of compliance.

He said,

“We are looking at an ecosystem with about 60 million people who regularly exchange and process data, this is one sector that cannot be overlooked. SMEDAN has 40 million Nigerians monitored under them, we have almost half of the population.”

“When we talk about the interests and freedom of all Nigerians, we have to ensure that the personal data of over 220 million people are adequately protected and processed in line with extant regulatory framework, ” he added.

Mr Lanre Gbajabiamila, the director general, NLRC, expressed appreciation to the NDPC for their ongoing work.

“The change that the establishment of NDPC has brought to the gaming value chain is commendable, we are not taking this MoU for granted. International partners come here to see what we do and make comments that are welcoming to show that we are on the right part which is acceptable to the industry for operations to come in.

“We would also like to collaborate with you in conducting joint awareness campaigns and capacity building on data governance.

Mr Charles Odii, the DG, SMEDAN, expressed appreciation for NDPC’s readiness to collaborate. He emphasised the significance of data protection and complying with the Nigeria Data Protection Act, 2023, in preparing for international business.

He said, “SMEDAN is out to prevent exposure of our data for selfish and malicious operations.  We have to show that the data we are mining in Nigeria is protected according to our data protection law.”

“We cannot be a development agency if we are not teaching small businesses the right thing to do. In developing small businesses, we need to upskill and sensitise them. We will go into the nooks and crannies of Nigeria to make them understand that if you process data then you must abide by the data protection laws in Nigeria,” he added.

These collaborations mark significant milestones in NDPC’s mission to promote data protection and privacy across diverse sectors in Nigeria. The commission remains committed to fostering partnerships that uphold the rights of individuals and ensure the responsible handling of personal data.

The MoU between NITDA and SMEDAN also highlights the pivotal role of Small and Medium Enterprises as the backbone of the nation’s economic landscape.

The MOU was signed with a primary focus on the growth of SMEs and tackling startup challenges while implementing the Nigeria Startup Act, Techeconomy gathered.

The MOU was signed by the two organisations, Friday at the corporate headquarters of the SMEDAN agency in Idu, Abuja.

The objective of the MOU is to establish a strategic partnership between NITDA and SMEDAN and to ensure that issues relating to Micro, Small and Medium Enterprises (MSMEs) are addressed in implementing the Startup Act.

Speaking at the ceremony, Kashifu Inuwa, the DG of NITDA, emphasised the critical importance of SMEs and cited their contribution to Nigeria’s economy, where they represent over 90% of businesses.

Underscoring the need for technological innovation to enhance productivity in the sector, Inuwa stated that “when you talk about critical sectors, SMEs are the first and if we want to create prosperity for our country, we should start by digitising SMEs”.

He further emphasised the necessity of creating a comprehensive database of SMEs to facilitate targeted incentives and foster digital literacy among entrepreneurs.

Inuwa highlighted the transformative potential of technology in expanding market reach and enhancing the productivity of entrepreneurs’ businesses while pointing to successful cases where ICT training programmes organised by NITDA for women have helped them leverage social media platforms, thereby significantly boosting their market presence and efficiency.

“As SMEs, you can use technology to expand your market reach and at NITDA, we have trained women on ICT and they have been able to expand their market reach and productivity using social media platforms. If we can do this, it will change the SMEs landscape in Nigeria”, he added.

The transformative power of technology within Nigeria was proudly exemplified by Inuwa, where he narrated how several SMEs have blossomed from nothing to become billion-dollar organisations.

“In Africa, we have 7 Unicorns and out of them, 5 originated from Nigeria. So, we believe that with technology, we can help all the SMEs to scale up, increase their productivity and create sustainable prosperity for our country”, he asserted.

In his remark, Charles Odii, the SMEDAN director general, stated that the essence of the MOU agreement is to collaborate with NITDA in fulfilling the mandate of the President’s agenda in creating jobs and digitising Nigeria’s economy.

While stating that any business that does not take advantage of digital innovation and services is short-changing itself, Odii noted that if the 40 million small businesses in the country equip themselves with digital processes whereby each small business employs at least 5 people, it will have a significant impact on Nigeria’s economy.

“What we are doing here in addition to sensitising the public on the implementation of the Startup Act is to organise our small businesses where they can use innovative solutions to solve their problems”, he averred.

The signing of the MOU signified a crucial step towards harnessing the power of technology to revolutionise Nigeria’s SME landscape, thereby paving the way for sustainable growth and prosperity.

SMEDAN has approximately 40 million small businesses spread across Nigeria and they are responsible for 50 percent of the country’s Gross Domestic Product(GDP) and 70 million jobs.

The DG made this known while receiving Charles Odii, the director general of SMEDAN who was on a courtesy visit to the Agency’s corporate headquarters in Abuja on Friday.

The purpose of the visit was to seek partnership in terms of infrastructural and human capital development for SMEs in Nigeria. To also submit a memorandum of understanding (MoU) where both Agencies can align and invite DG NITDA to SMEDAN for further discussions.

Inuwa revealed that there were opportunities for collaboration between NITDA and SMEDAN as stated in the NITDA Strategic Roadmap and Action Plan (SRAP 2.0) like the first pillar which is to foster Digital Literacy and cultivate talents.

He said the collaboration will facilitate the penetration of digital literacy among Small and Medium Entreprise (SMEs) to enhance productivity. He added that it also aligns with the objective of the National Digital Literacy Framework (NDLF).

“We all know that with digital literacy a market woman can sell her goods without moving from one place to another, as someone can use digital platforms to order for goods and have them delivered to them.”

The DG NITDA stated that the collaboration is apt as it will strengthen policy implementation and legal frameworks like the Nigerian Startup Act.

Inuwa said SMEs make up about 90 percent of the country’s workforce and more than 90 percent of businesses, saying;

“We really want to work with you, to explore how we can get them (SMEs) to benefit from all the incentives within the Startup Act and we target those who use innovation to promote productivity or innovation-driven entreprises.”

Inuwa citing ISF said that there are more than 100 IT hubs in Nigeria and less than 50 percent of these centres are being utilised. He revealed that both Agencies can utilize these IT hubs as infrastructure for the unserved and underserved areas, which aligns with a pillar of the SRAP 2.0 which is to promote inclusive access to digital infrastructure and services.

“We can come together and decide a benchmark on what an IT hub should look like so that it can properly serve the people.”

On strengthening cybersecurity and digital trust he said “We need to look at how we can come up with cybersecurity solutions for SMEs that will promote digital trust by having SMEs that provide affordable and indigenous cybersecurity services.

Emphasis on another pillar that is SME-centric which is to nurture an innovation and entrepreneurial ecosystem he said “We need to come up with ways to promote innovation and entrepreneurship thereby fostering a dynamic ecosystem that propels economic growth.

Speaking earlier, Odii said that the Agency has a couple of digital literacy programmes they had started, and they were at NITDA to have their curriculum looked at to see if it meets global standards and to be sure that it aligns with the NDLF.

Odii in terms of the Startup Act said,

“We understand that NITDA is the secretariat for the Startup Act, and we want to work with you in sensitising them (SMEs), especially those of them who are startups to take advantage of this and also help to add to your database for registration.”

He said:

“We have a robust SME database that we are building, and we would like to partner with you to make sure that the framework for this database is in line with what you have for data entrepreneurs.

Charles Odii, the Agency Director General of SMEDAN, revealed this at the official launch of the programme held at Baze University in Abuja.

Mr. Odii explained that the agency has secured the commitment of several prestigious firms to provide opportunities for students seeking practical knowledge and experience through the programme and unveiled Miss Farida Akuyam, a Business Management student at the university, as a pioneer participant of the programme.

He said the initiative code-named the “SMEDAN Undergraduate Internship Programme” was designed to provide hands-on entrepreneurial experience to students through quality internships at renowned organisations.

His words:

“We want to spot and nurture the builders of Nigeria’s next unicorns, and this programme is a major step towards achieving that goal. It is a significant demonstration of the agency’s commitment to advancing the MSME sub-sector by making the right investments in talent and innovation. Selected students will receive specialized training, experiential learning, networking opportunities, and mentorship.”

Pertinent to note is the fact that, Nigeria in the recent time is turning towards entrepreneurship as a veritable route in addressing many of her several economic challenges.

In too long a time, Professor Sunday Adebisi, the director, Entrepreneurship and Skills Development Centre (ESDC) of the University of Lagos,  pinpointed the fact that for Nigeria to surmount the challenge of unemployment among several national developmental issues, President Bola Tinubu must re-focus his “Renewed Hope” agenda to stimulate and drive innovation which will in turn, engender the creation of a New Enterprise Nigeria where the prospect of the nation’s teeming youthful population is guaranteed.

He revealed this while delivering the 1st Special Annual Lecture of Dr. Mike Adenuga (Jnr) Professorial Chair in Entrepreneurship Studies, Titled “Revolutionizing the Nigerian Economy to Create Jobs and Sustainable Wealth: the Sole Ladder, the Sole Option, the Sole Platform” the public lecture which held at the J.F. Ade Ajayi (Main) Auditorium of UNILAG, Lagos.

Professor Adebisi who is the First Occupier Professor of the Dr. Mike Adenuga (Jnr) Professorial Chair challenged the Federal Government to commit to promoting and building a knowledge-based economy which thrives on the pillar of innovation.

He further queried the methodologies of the latest data from the National Bureau of Statistics (NBS) which puts the national unemployment rate at 4.1% as against the 2020 report which stood at 33%.

He also faulted the 92.6% informal employment statistics and the 75.4% allocated to those in farming and other little business in the same NBS data, record which he described as outrageous and capable of distracting the government from paying the desired attention to job creation.

Prof Adebisi also raised concerns over the rate and ravaging impact of job loss, brain-drain and the generational gap between those he called Gen-Baby Boomers (i.e. 1946- 1964), Gen-X (i.e. 1965-1979), Gen-Y (1981-1996) and Gen-Z (i.e. 1997-2021).

The highly innovative don decried the continued rise in the country’s inflation rate, the sustained assault on the nation’s currency and upward trend in the number of youths exiting the country for greener pastures abroad, a development, he said, is fueled by failed promises, dashed hopes, poor change management system, irresponsible leadership, dysfunctional policies, outright disregard for citizens’ feelings and government’s inability to live up to its billings to the people.

In suggesting possible ways out of the quagmire, the Professor of Entrepreneurship, Hub and Strategic Management in the Department of Business Administration of UNILAG advocated the need for individual states in Nigeria to harness their innate strength with a view to creating an Enterprise Innovation Hub that will propel wealth-creation job opportunities, wipe out unemployment, create decent jobs within the value chains and eradicate poverty.

Whilst soliciting a paradigm shift in the thinking and approach of the federal, state and local governments to job creation, with a view to promoting a new economic sphere where citizens can productively explore entrepreneurial capabilities in taking advantage of innovation opportunities that create wealth and enhances their standard of living.

According to him, enterprises are not only the very bedrock of a society but also reflect the direction the government is heading to and the speed with which it is doing so.

The VP who stated this on Wednesday while commissioning the corporate headquarters of the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) in Abuja noted that the present administration is strategically focusing on job creation, capital accessibility, economic growth, and poverty eradication to revamp the economy.

Shettima said,

“Allow me to emphasise the importance of this moment: there is no more fitting time than now to reinforce the protection of enterprises in Nigeria. These enterprises not only stand as the very bedrock of our society but also reflect the direction the government is headed and the velocity with which we do so.

“This moment solidifies His Excellency President Bola Tinubu’s assurance to protect our enterprises. It resonates deeply within our economic revitalisation plan. His focus on job creation, capital accessibility, economic growth, and poverty eradication forms the very skeleton of our strategy to invigorate the economy. Inevitably, this path demands tough decisions, yet ones essential to our success.”

The VP also recalled that he had inaugurated the National MSME Council ten days ago, saying it was just the beginning that sets the stage for what is up ahead.

Explaining how the President intends to make sure businesses and other economic enterprises prosper in the country, VP Shettima said,

“Notably, our partnership with the Bank of Industry to unveil a N75 billion, 9% interest loan accessible to Nigerian MSMEs as of January 2024 is a pivotal stride. This initiative is geared towards fostering a more conducive and enabling business environment.

“This government doesn’t just boast some of the nation’s finest talents; it champions those invested in ensuring our business owners have front-row seats in our journey towards progress. Our goal is to cultivate an ecosystem where Nigerian businesses become regular features in globally recognized publications such as Forbes, Bloomberg, and the Financial Times for the right reasons.

“We are all well aware that Mr. President’s readiness to take action has never faltered, and what we are witnessing here is just a component of the strategies in place to create a future brimming with endless opportunities”.

The Vice President congratulated Dr. Doris Anite, the minister of Industry, Trade, and Investment, and the leadership of SMEDAN, saying they have proven that they are ready to transform “concepts into tangible actions.

“This initiative renews hope for a critical segment of our entrepreneurial community, and highlights our sensitivity to the economic clock of the nation,” he added.

Earlier in her remarks, Dr. Doris Anite, minister of Industry, Trade and Investment, thanked the Vice President for his unwavering support to MSMEs in the country.

She said the completion and commissioning of the new SMEDAN Complex is a clear demonstration of the commitment of the Tinubu’s administration to the development of the MSME space.

She also outlined other initiatives of the federal government targeted at building capacity and linking MSMEs to markets at home and abroad.

For his part, Mr. Charles Odii, the Director General of SMEDAN, thanked the Vice President for his support and guidance in the actualisation of the project and leadership in the MSME space.

He said the agency and the entire MSME community in Nigeria have recorded significant achievements within a short period of time under the leadership of the VP.

He assured that the agency will continue to collaborate with sister organisations to ensure sustainable growth in the sector.