NEXIM Bank, SMEDAN Seal Deal to Boost SMEs’ Growth

OluchiChibuzor

Nigerian Export-Import Bank (NEXIM) and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have signed a landmark Memorandum of Understanding (MoU) to accelerate the growth of small and medium enterprises (SMEs) across Nigeria.

According to a statement yesterday, the objective of the MoU is to establish a strategic partnership between SMEDAN and NEXIM Bank to facilitate accelerated growth of small businesses in Nigeria through the development of export financing programmes, capacity building and training, creating customised financial products, promoting MSME products in the global stage, and streamlining trade facilitation services.

The strategic partnership further aims to establish a framework for collaboration by focusing on strengthening Nigeria’s non-oil export sector, thereby aligning with the federal government’s broader agenda to diversify the economy and promote inclusive growth through strategic partnerships and private sector engagement.

Speaking at the signing ceremony, Managing Director/CEO of NEXIM Bank, Abba Bello, emphasised the importance of the partnership.

Bello said, “This collaboration with SMEDAN is a critical step in our mission to empower Nigerian SMEs to become globally competitive. By combining our financial instruments with SMEDAN’s development expertise, we are creating a comprehensive support system for small businesses to thrive in the export space, particularly within the regional market to take advantage of the African Continental Free Trade Agreement (AfCFTA).”

Director-General of SMEDAN, Charles Odii, stated, “Our goal is to ensure that Nigerian SMEs are not only equipped with the right skills but also have access to the financial support they need to upscale their businesses.

“This MoU with NEXIM Bank will open new doors for small businesses to participate meaningfully in international trade.

“Essentially, this MOU will focus on: providing accessible funding solutions tailored to the needs of export-ready SMEs, delivering training and advisory services to enhance business competitiveness and compliance with international standards, simplify processes and reduce barriers to entry for small businesses in the export value chain.”

NEXIM, which is wholly owned by the federal government, was established by Act 38 of 1991 as an Export Credit Agency (ECA) and Export Development Bank.  Its mandate is to provide finance, risk bearing and advisory services to duly registered companies in Nigeria towards the expansion, diversification and development of the non-oil export sector in furtherance of increased foreign exchange earnings, jobs creation, and rapid economic development of the country.

SMEDAN was established by the Small and Medium Scale Industries Development Agency (SMIDA) Act 2003 and charged with the responsibility of promoting and facilitating the development of the Micro-Small and Medium Enterprises (MSMEs) sub-sector in Nigeria.