Business
SMEDAN Seeks Investment, Market Opportunities For SMEs
The Director General of Small and Medium Enterprises Development Agency (SMEDAN), Charles Odii, has worked to secure investments and expand market opportunities for Nigerian Small and Medium Enterprises (SMEs) at the African Growth and Opportunity Act (AGOA) forum held recently in Washington, DC.
During his presentation at the Forum, Odii outlined the “GROW Nigerian” strategic blueprint, through which SMEDAN seeks to support small businesses with guidance, resources, opportunities, and workforce development.
He emphasized the agency’s efforts to enhance local production quality by negotiating affordable financing, providing discounted access to tools and infrastructure, such as power, through ongoing revamp of its Industrial Development Centers (IDCs), promoting local resource potential through initiatives like “One Local Government One Product”, and improving productivity through programmes like the National Business Skills Development Initiative.
According to a statement by SMEDAN media unit, Odii also highlighted the Agency‘s initiatives to increase awareness of export opportunities such as AGOA among Nigerian small businesses, with targeted support for key sectors like textiles and agriculture.
He explained that SMEDAN is collaborating with organizations such as NAFDAC, SON, and NEPC to ensure compliance with safety and regulatory standards and streamline the export process.
“We are diligently working to eliminate inefficiencies and barriers that hinder productivity in Nigeria’s SME sector.
“As the Secretary of the National Council on SMEs, chaired by the Vice President and led at the state level by all state governors, we are collaborating with other government agencies involved in taxation, health and safety regulations, land access, and financing to create a conducive environment for growth”, Odii said.
He further noted efforts to secure counterpart funding agreements with both private and public organizations to increase affordable financing for small businesses.
This includes investments in training, business clinics, and the development of work hubs for high-growth sectors.
Odii underscored the need for ongoing investment and collaboration from both government and private sector entities in the U.S. to ensure the success of these initiatives.
He assured potential investors of Nigeria’s significant economic potential and the current administration’s commitment to protecting private investments and ensuring market stability.
Odii said the goal of the agency was to bridge the gap between Nigerian and U.S. small businesses, ensuring that AGOA’s opportunities are fully leveraged to foster growth, industrialization, job creation, and improved production quality for Nigerian SMEs.