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The Small and Medium Enterprises Development Agency of Nigeria has announced plans to disburse a total sum of N1bn in 2025.
SMEDAN said the amount would be distributed equally to Micro, Small and Medium businesses across the country, fostering economic growth and support for businesses of all scales.
This initiative, as outlined in the agency’s 2025 budget proposal submitted to the National Assembly, is a bold step in addressing the funding gaps and challenges faced by the sector, which plays a critical role in Nigeria’s economy.
According to SMEDAN, the grant will target businesses that demonstrate growth potential, possess sustainable business models, and have the capacity to create jobs and contribute to economic development.
An official at the agency, who confirmed the plan, said the initiative still required legislative approval and adequate funding from the office of the accountant general.
The source who asked not to be named due to lack of authorisation to speak on the matter, said, “Yes, there is a plan to disburse N1bn to small and nano businesses but this is still subject to approval from the National Assembly and proper funding from the accountant general office. I am sure you have seen agencies complain of poor capital spending in the 2024 budget.
“The grant is conditional because we have some level of prospects before business can access it. The amount which will be shared equally is to help small businesses scale up and also be able to employ more persons and create jobs.
“We will be working with relevant stakeholders to ensure proper disbursement. We are also trying to use technology even though our target audience is not entirely tech-savvy. The president had given us a mandate to support entrepreneurs and we are committed to doing that.”
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