In a significant move towards enhancing economic development and addressing unemployment challenges, the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) unveiled a pioneering conditional grant scheme. The agency officially announced this initiative during the inauguration of its headquarters in Abuja, emphasizing its commitment to fostering the growth of small and medium enterprises (SMEs) and promoting job creation.

According to SMEDAN, the conditional grant scheme is designed to empower SMEs by providing financial support with the condition that recipients commit to employing at least one person. This strategic intervention aims to not only enhance the financial capacity of deserving nano and micro-enterprises but also contribute meaningfully to the nation’s economic prosperity by generating employment opportunities.

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Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, lauded the scheme as a crucial step in providing essential resources for SMEs to scale up. She commended SMEDAN for its pivotal role in driving economic empowerment, job creation, and industrial development across the nation.

The newly inaugurated SMEDAN headquarters, a hub of innovation, features state-of-the-art workspaces and common facilities equipped with cutting-edge technological tools. These include industrial sewing machines and woodwork machinery, providing entrepreneurs with the necessary resources to thrive in today’s competitive business environment.

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Vice President Kashim Shettima, leading the launch event, praised SMEDAN for its pivotal role in advancing economic development through Micro, Small, and Medium Enterprises (MSME) empowerment. He emphasized the administration’s commitment, under President Bola Tinubu, to creating an enabling environment for small businesses to thrive and highlighted the significance of technological advancements in boosting productivity and competitiveness.

SMEDAN’s Director-General, Charles Odii, outlined the agency’s mission to provide discounted access to facilities, empowering small business owners to enhance production quality, foster growth, and ensure sustainability within the MSME sector. Odii expressed the agency’s dedication to supporting the growth of MSMEs by facilitating timely and adequate access to essential resources, including finance, markets, and capacity building.

The article also noted the presence of other dignitaries at the inauguration, including Ayodele Olawande, Minister of State for Youth; Adenigba Fadahunsi, Chairman of the Senate Committee on Industries; and Mansur Soro, Chairman of the House Committee on SMEs.

Source: The Cable.

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