Business News

Anambra state government and SMEDAN enter N1 billion agreement to fund SMEs 

The Anambra State Government and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) recently entered into a financial agreement worth N1 billion in Awka, the capital of the state.

The agreement is aimed at providing funding for Small and Medium-sized Enterprises (SMEs) in Anambra State. 

According to the terms of the agreement, the Anambra State government will contribute N500 million, and SMEDAN will match this amount with an additional N500 million. 

The signing of the N1bn funding agreement took place with Charles Odii, the Director-General of the Small and Medium Enterprises Development Agency, (SMEDAN) and Christian C. Udechukwu, the Commissioner for Industry in Anambra State. 

In a statement released and signed by the media aide to the SMEDAN Director-General, Peter Adeshina, this new agreement reflects the agency’s commitment to ensuring that SMEs have access to essential funding opportunities across Nigeria.

The Director-General commended the Anambra State government for their dedication to this initiative. 

Furthermore, the head of SMEDAN pledged to guarantee that once the funds become available to SMEs, they will be distributed promptly, openly, and fairly, removing any hindrances that might obstruct deserving SMEs from obtaining these crucial funds. 

The statement also noted that the Director-General of SMEDAN has been actively collaborating with bank executives and other influential figures in the financial industry to promote affordable credit alternatives for SMEs, such as single-digit interest-rate loans.