In a groundbreaking initiative to empower Nano, Micro, Small and Medium Enterprises (NMSMEs) in Enugu State, the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Enugu State Government have joined forces to launch a N1 billion Matching Fund Programme.
The signing ceremony was held at the SMEDAN headquarters, in Abuja, recently, by the Director General of SMEDAN, Charles Odii, and the Special Adviser to the Enugu State Governor on MSMEs, Arinze Chilo-Offiah. The SMEDAN DG said it would mark a significant stride towards entrepreneurial development and economic growth in the state and region.
He explained that the N1 billion fund was aimed at providing accessible, single-digit loans to NMSMEs, addressing a critical need for affordable business financing in the state. Odii added that Sterling Bank PLC has the responsibility of managing and disbursing the funds to qualified enterprises, ensuring that the initiative reaches its intended beneficiaries efficiently.
Speaking, Chilo-Offiah noted that the strategic partnership was not just a financial mechanism, but a significant step towards actualising the broader economic development goals outlined in the agenda for Enugu State.
He said that by focusing on NMSMEs, the programme would tap into a vital sector that is often considered the backbone of economic growth, especially in emerging markets like Nigeria.
He stated that the Matching Fund Programme was expected to have a transformative impact on the NMSME sector in the state, pointing out that by providing much-needed financial support, it would enable these enterprises to scale up, enhance their competitiveness and contribute more significantly to the state’s economy.Â
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