South Korea backs Nigerian MSMEs with $12m skills centre and new fund
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has secured a $12 million commitment from the South Korean Government to set up a Skills Acquisition Centre in Abuja. Charles Odii, Director-General of SMEDAN, announced these plans as part of efforts to boost entrepreneurship and support small businesses in Nigeria. Alongside this, SMEDAN has launched a N500 million zero-interest Grow Fund to provide affordable financing for Micro, Small, and Medium Enterprises. The agency is also reviewing the National MSME Policy to further strengthen the sector.
TLDR
- SMEDAN secured $12 million from the South Korean Government to build a Skills Acquisition Centre in Abuja, aiming to provide vocational and entrepreneurial training for young Nigerians.
- The agency launched a N500 million zero-interest Grow Fund to be disbursed through associations, targeting increased accountability and support for genuine entrepreneurs.
- Loans from the Grow Fund will be used for productive business activities and will be repaid without interest, allowing the fund to revolve and benefit more small businesses.
- SMEDAN is consulting on a new National MSME Policy, proposing reforms like single-digit interest loans and increased procurement opportunities for MSMEs.
- The initiatives are designed to empower small businesses, create jobs, and address challenges like unemployment and limited access to finance.
