Smedan secures $12m Korean support and launches N500m MSME fund
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has received a $12 million commitment from the South Korean Government to build a Skills Acquisition Centre in Abuja. Charles Odii, the Director-General of SMEDAN, announced the initiative as part of efforts to boost entrepreneurship and support small businesses in Nigeria. Alongside this, SMEDAN has introduced a N500 million zero-interest Grow Fund to provide affordable financing for Micro, Small and Medium Enterprises (MSMEs). The agency aims to empower small businesses, which play a vital role in Nigeria’s economic growth.
TLDR
- SMEDAN secured $12 million from the South Korean Government to establish a Skills Acquisition Centre in Abuja.
- The agency is awaiting land allocation from the Federal Capital Territory Administration to begin the project.
- A N500 million zero-interest Grow Fund has been launched to support MSMEs through cooperative societies and trade associations.
- Loans from the fund will be distributed via associations, ensuring accountability and proper monitoring.
- The initial N500 million fund may be expanded through partnerships with state governments and financial institutions.
