The Enugu State Government and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have signed a N1 billion Matching Fund Programme to empower Nano, Micro, Small, and Medium Enterprises (NMSMEs) in the state.
The Director-General of SMEDAN, Charles Odii and the Special Adviser to Enugu State Governor on MSMEs, Arinze Chilo-Offiah, signed the deal at the SMEDAN headquarters in Abuja.
Odii said the programme was aimed at providing accessible, single-digit loans to NMSMEs and addressing a critical need for affordable business financing in the state.
He said Sterling Bank PLC would manage and disburse the funds to qualified enterprises, and ensuring that the initiative reaches its intended beneficiaries efficiently.
Chilo-Offiah said the partnership was not just a financial mechanism but a significant step towards actualizing the broader economic development goals outlined in the agenda for Enugu State.
He said the programme would tap into a vital sector often considered the backbone of economic growth, especially in emerging markets like Nigeria.
“This initiative is also set to create more jobs, stimulate innovation, and foster a more inclusive economic environment”, he said.
Chilo-Offiah said that Governor Peter Mbah had highlighted the importance of NMSMEs in driving sustainable economic development, expressing his administration’s commitment to creating an enabling environment where small and medium-sized businesses can thrive.
“The collaboration between SMEDAN and ENSG, supported by Sterling Bank PLC, is a promising model for public-private partnerships aimed at economic development,” he stated.