2026 World MSMEs Day: SMEDAN Launches GROW Fund, Sets To Disburse 500 Million Naira To Small Scale Business Owners

In its efforts to make business financing available to MSMEs operators in the country, the Small and Medium Enterprises Development Agency of Nigeria, SMEDAN has launched a financing intervention scheme knows as GROW Fund for them

Under the GROW Fund initiative , the Agency will this year disburse five hundred million naira grant with zero interest to support activities of small scale business owners nationwide.

The Director General/CEO of SMEDAN, Mr Charles Odii made this known during a Road Walk and Sensitization Campaign to Utako Market in Abuja as part of activities to mark the 2026 World MSME Day.

Mr Charles Odii said the move became necessary to enable MSMEs operators have access to fund to finance and carry out their business activities.

According to him, beneficiaries of the initiative will be those who are members of cooperative societies and business associations.

In his words “The funding will be used for them to add to their working capital, to procure work spaces and purchase work tools and anything outside these will be frowned against”.

“At the end of today, well trained entrepreneurs that are based in Abuja will go home with washing machines, barbing kits, shoe making and sowing machines among others because we in SMEDAN have identified that these are their needs due to the training we’ve provided for them” Mr Odii.

The Director General of SMEDAN explained that the Agency is embarking on the financial support for MSMEs because small businesses are the heart of Nigeria’s economy and SMEDAN needs to support them for them to grow, thrive and prosper.

“It is on this premise that we’re providing these infrastructures and financing for small scale businesses because we understand that when this is done, Nigeria small businesses will thrive”.

Mr Charles Odii explained that MSMEs policy would be reviewed and launch in November this year as part of measures to strengthen the business activities of operators in the sector towards enhancing national economic development.

He said the Korean Government has promised to make available 12 billion dollars to SMEDAN for the establishment of skills acquisition center that would help build the capacity of young and productive entrepreneurs in Nigeria.

” What we need now is parcel of land in the FCT to build the skills acquisition center and if the FCT Administration failed to make land available to us, we’re going to make use of our office premises in Idu Abuja because we don’t want to loose out in this Korean Government’s kind gesture on skills and Vocational training programme and initiative” the DG SMEDAN pointed out.

Mr Charles Odii therefore called for effective support and collaboration of State Governments on skills acquisition towards creating jobs, reduce poverty and boost the nation’s economy in line with the renewed hope agenda of President Bola Tinubu’s led administration.