Charles Odii: SMEDAN Has Mobilised N12bn Funding for MSMEs at Affordable Rates 

•Says new policy framework underway by Q1 2026, plans skills acquisition for prison inmates

James Emejo in Abuja

Director-General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Mr. Charles Odii, yesterday disclosed that the agency had so far mobilised over N12 billion in affordable financing for MSMEs through strategic partnerships with public and private sector institutions.

Odii said through the funding SMEDAN had improved access to capital nationwide.

He said SMEDAN had also created over 90,162 new jobs across various sectors of the economy in the first quarter of the year (Q1 2025).

Speaking to journalists on the achievements of the agency under his watch, Odii said a new National MSME policy was expected to be unveiled in the first quarter of next year (Q1 2026), adding that SMEDAN will continue to engage stakeholders and provide links for people to share their experiences on the policies they want to see.

Odii further disclosed plans to train soon-to-be-released prison inmates for between six months and a year.

He said, “Many of them have complained to us that because of the stigma of having gone to prison, many people don’t want to touch them. And so, we are also trying to put some policies in place to ensure that these people can also get employed again.

“So, one of our criteria that we are setting up is that we are hoping our small businesses will be able to take them and make them employable.”

He said a lot of cheap funding at single digit interest will be catalysed for MSMEs next year.

Odii stated, “Last time we checked, approximately 500,000 small businesses had accessed this funding. What we want is to increase this drastically. We want to push those numbers somewhere above five million, so that it can accurately reflect the percentage of small businesses that exist in Nigeria.”

He said the agency will also focus on capacity development for small businesses, adding, “If you ask all the banks today, they will tell you that there is money for small businesses. And they will also say that small businesses are not well equipped enough to unlock access to this funding.”

Odii stated that over 18,339 nano businesses had accessed grants under the Conditional Grant Scheme, supporting their transition into the formal sector through targeted training and access to financial services, including bank account opening to deepen financial inclusion.

The SMEDAN director-general added that 2026 promised to be interesting for small businesses, as the agency aimed to drive business formalisation to about one million MSMEs, stating that over 263,454 businesses have so far been registered, giving them a pathway to formalisation and long-term growth.

He said the agency had also financed over 3,100 cooperatives nationwide under the One Local Government One Product (OLOP) initiative, helping them improve operations and expand production.

He stated that the agency disbursed millions of naira in grants and gave national exposure to high-potential entrepreneurs through the SMEDAN Pitch Competition and SMEDAN Talent Hunt, helping them attract investors and grow their businesses.

He said SMEDAN had delivered training to over 40,000 small businesses in financial literacy, access to finance, export readiness, use of continental trade agreements like the AfCFTA, and digital skills.

Among other things, he pointed out that the efforts had improved their capacity, linked them to new markets, and driven stronger business performance.