NEWS AGENCY OF NIGERIA
SMEDAN creates 90,000 jobs in Q1 2025
Economy/Business

SMEDAN creates 90,000 jobs in Q1 2025

203 total views today

By Lucy Ogalue

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) says it created more than 90,160 jobs and empowered 116,661 entrepreneurs across the country in the first quarter (Q1) of 2025.

Mr Charles Odii, Director-General of SMEDAN, made this known in a statement on Tuesday in Abuja, noting that the figures were contained in the agency’s Q1 performance report.

Odii attributed the achievements to targeted empowerment programmes and strategic collaborations with stakeholders in both the public and private sectors.

He said SMEDAN partnered with organisations such as Google, Wema Bank, and members of the National Assembly to train entrepreneurs in digital and financial literacy.

The partnerships, he said, also facilitated access to finance, markets, and essential tools for small businesses.

“SMEDAN also supported the formalisation of thousands of small businesses by assisting them with registration through the Corporate Affairs Commission (CAC), thereby enhancing their chances of accessing funding and participating in supply chains.

“In Q1 alone, we distributed 123,743 work tools, including laptops, mini-buses, industrial sewing machines, generators, and tricycles, to entrepreneurs in all 36 states,” Odii said.

He also highlighted the success of the SMEDAN Garment and Textile Hub at the Idu Industrial Development Centre in Abuja, which he described as a model for inclusive industrial development.

“The solar-powered hub, made possible through a partnership with the UNDP, enables fashion entrepreneurs to access affordable industrial machines and stable power supply, thereby increasing productivity and job creation.”

Odii reiterated the agency’s commitment to the “GROW Nigerian” strategy, focusing on Guidance, Resources, Opportunities, and Workforce support for SMEs.

“The result is more jobs, stronger businesses, and greater value unlocked within communities nationwide,” he added.

He noted that several strategic partnerships signed during the review period would begin to yield results in subsequent quarters, especially in areas like financing and value chain development.

Odii reaffirmed SMEDAN’s alignment with President Bola Tinubu’s Renewed Hope agenda, stressing that the agency remained committed to supporting MSMEs as drivers of inclusive economic growth. (NAN)

Edited by Abiemwense Moru

FG advocates legal framework for MSME support system
Economy/Business

FG advocates legal framework for MSME support system

199 total views today

By Lucy Ogalue

The Minister of State for Industry, Sen. John Enoh, has called for the establishment of a legal framework to back the operations of Business Development Service Providers (BDSPs) across Nigeria.

Enoh said this at the induction ceremony of the newly certified BDSPs organised by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) on Monday in Abuja.

According to the minister, the absence of a binding law is a major gap that must be urgently addressed to ensure service accountability and sustainability.

“There has to be a law that supports and backs BDSPs because of the importance of the job they are expected to do,” the minister said.

He said that while many systems exist within Nigeria’s Micro, Small, and Medium Enterprises

MSME support structure, the main challenge remained functionality and regulation.

“Our problem is not the absence of systems; it is the failure of those systems to work.

“Regulation is weak, and we tend to create new structures instead of strengthening existing ones,” he added.

The minister stressed that certified BDSPs must not only meet performance standards but be monitored regularly, with the possibility of license withdrawal if expectations were not met.

“Licenses must not be permanent. They must be performance-based,” he said.

Enoh also commended SMEDAN’s effort in standardising MSME support services across the country.

He called on stakeholders including development partners and financial institutions to engage certified BDSPs.

In his remarks, SMEDAN Director-General, Mr Charles Odii, reiterated the agency’s focus on deepening support for small businesses across the country.

Odii said this would be done by ensuring only qualified and credible professionals provide development servicesUp 2nd left.

He urged the newly inducted BDSPs to take their role seriously.

The National Steering Committee on BDSPs disclosed that about 331 service providers were inducted following rigorous training and assessment.

The event marked a significant step in the government’s efforts to strengthen enterprise support structures and boost economic inclusion across the country. (NAN)

Edited by Chinyere Joel-Nwokeoma

MSMEs ‘ll thrive with tax exemptions under new reform bill – SMEDAN
Economy/Business

MSMEs ‘ll thrive with tax exemptions under new reform bill – SMEDAN

358 total views today

By Lucy Ogalue

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) says the proposed tax reform bill will significantly reduce financial burden and create a growth-enabling environment for small business owners.

The Director-General of SMEDAN, Mr Charles Odii, said this at a stakeholder engagement on tax reforms organised by the agency on Friday in Abuja.

The News Agency of Nigeria (NAN) reports that the theme of the event was, “Understanding the Tax Reform Bills:Benefits and How MSMEs can maximise Tax”.

Odii said that the bill, when passed into law, would eliminate multiple taxations and exempt businesses earning below N100 million annually from key taxes.

“We have 39,654,385 nano, micro small and medium enterprises (MSMEs)in Nigeria, and the first step towards ensuring their success is sensitisation.

“Many small business owners are unaware that if this tax reform bill is passed, they will no longer be required to pay VAT, CIT, PAYE, and several other taxes,” he said.

According to Odii, the reform is designed to encourage business formalisation and expansion without the fear of excessive taxation.

He also commended the House of Representatives for passing the bill and urged the Senate to follow suit.

“When small businesses flourish, the entire economy benefits. This reform will remove unnecessary regulatory bottlenecks, allowing MSMEs to thrive,” he said.

The President of the Nigeria Association of Small and Medium Enterprises (NASME), Dr Abdulrashid Yerima, also lauded the proposed reforms.

Yerima said that the bill addressed key challenges faced by MSMEs, particularly multiple taxation and arbitrary levies by regulatory agencies.

“Our members have long struggled with excessive taxation at different levels; import duties, levies on turnover, and arbitrary charges from state and local governments.

“The chairman of the Tax Reform Committee has clarified that many of these burdens will be eliminated once the bill becomes law,” Yerima said.

He further emphasised the need for proper implementation to ensure that non-state actors and unauthorised tax collectors did not continue to impose levies on small businesses.

He said that the reform would promote economic growth by allowing small businesses to reinvest their earnings, scale operations, and create more employment opportunities.

The Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, emphasised the necessity of overhauling the tax system to foster economic growth and alleviate the tax burden on small businesses.

Oyedele reiterated the challenges faced by small business owners, including multiple taxation and exploitation by revenue officers.

He said that many entrepreneurs lacked the resources to navigate complex tax demands, making them vulnerable to undue pressures.

“To address these issues, the committee proposed significant reforms, such as eliminating Value-Added Tax and withholding tax for businesses with annual turnovers below N100 million.

“Additionally, salaries up to N100,000 per month would be exempted from Pay-As-You-Earn (PAYE) tax.

” These measures aim to reduce the administrative burden on small enterprises, allowing them to focus on growth and innovation,”he said.

Oyedele underscored the importance of data-driven policy-making, referencing collaborations with organisations like the Faith Institute to gather credible data on the challenges faced by small businesses.

He said that the strength of a nation was reflected in how it treated its most vulnerable citizens.

He advocated for reforms that provide small businesses with the space to thrive without undue tax pressures.

“These reforms are designed, not merely to generate revenue, but to create a more equitable and supportive environment for small businesses, thereby laying a sustainable foundation for Nigeria’s economic growth and development,” he said.

Earlier, Mrs Linda Omubo-Pepple, SMEDAN’s Director of Partnership and Coordination, said that collaboration between policymakers and business stakeholders was important in shaping Nigeria’s tax policies.

Omubo-Pepple said that tax reforms played a critical role in driving economic growth while ensuring the sustainability of MSMEs.

“As we navigate the tax reforms, it is essential that we foster open dialogue between policymakers and business stakeholders.

“The impact of these reforms will be felt across industries, and this session provides a unique platform to engage, share insights, and collectively address key concerns,” she said.

The meeting, attended by key MSME stakeholders and representatives of the Federal Government, also provided a platform for business owners to ask questions and gain clarity on the provisions of the reform bill. (NAN)

Edited by Kadiri Abdulrahman

SMEDAN seeks concrete action for empowerment of women entrepreneurs
Economy/Business

SMEDAN seeks concrete action for empowerment of women entrepreneurs

345 total views today

By Lucy Ogalue

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has called for decisive action to support women entrepreneurs and Micro, Small, and Medium Enterprises (MSMEs) in Nigeria.

SMEDAN Director-General, Mr Charles Odii, said this at the Unveiling of SMEDAN’s GrowHer Accelerator Programme, organised to mark the 2025 International Women’s Day on Thursday in Abuja.

The News Agency of Nigeria (NAN) reports that the theme of the event is: “Accelerate Action for Gender Equality”.

Odii, while reiterating the need to celebrate achievements of women entrepreneurs and promote gender equality in the MSME sector, emphasised the need to move beyond discussions to real economic impact.

The director-general challenged stakeholders to transition from dialogue to implementation.

He highlighted the crucial role of MSMEs in Nigeria’s economy, noting that they accounted for 39.65 million businesses, contribute nearly 50 per cent to the GDP, and provide 60 million jobs.

“If there are 100 businesses in Nigeria, 96 of them are MSMEs,” he said.

In spite of their contributions, he acknowledged key challenges, particularly low manufacturing output (10-15 per cent) and underdeveloped industrial jobs.

Odii called for immediate steps to strengthen MSMEs and boost industrial productivity.

The director-general, as part of SMEDAN’s commitment to supporting women entrepreneurs, unveiled the “GROW” initiative—which stands for Guardians, Resources, Opportunities, and Workforce Support.

“GROW is our promise to you. We will guide you with regulatory support, connect you to financial resources, and provide the opportunities you need to expand,” he said.

Reaffirming SMEDAN’s commitment to tangible solutions, Odii assured participants of direct assistance.

“Those interested in registering with the Nigerian Export Promotion Council (NEPC), we will guide you through it today.

“We encourage women entrepreneurs to leverage international trade agreements to expand their businesses.

“The dollar standard is rising, and the solution is simple: if you start exporting, the dollar will start coming in.

“So, we urge you to take advantage of agreements like the African Continental Free Trade Area and the ECOWAS Trade Liberalisation Scheme to grow your businesses,” he said.

The Executive Director of NEPC, Mrs Nonye Ayeni, reiterated the importance for MSMEs in the country to improve on packaging of their products which was affecting export rates.

Ayeni also urged the entrepreneurs to work in clusters and de-risk their businesses to be able to gain more support for their businesses.

“The reason you are not able to access funds is because you are not de-risking your business. No bank wants to give money when they can not see their money in a bank.

“Women, let us get together, de-risk our business, and ensure that we are able to tap into the opportunities that the environment presents,” she said.

Also speaking, the Managing Director, Nigeria Commodity Exchange, Mr Anthony Atuche, commended the SMEDAN D-G for his pro-women and pro-business efforts.

Atuche urged entrepreneurs to focus more on food production to help address the issue of food security and sustainability.

“This is because we have a lot of markets to feed in the country. Without even talking about the export potential.

“But then, while we also need to feed, we have some food crops that are basically export crops.

“And the exchange is actually setting up processing capacities in those regions.

“Storage capacities in those regions to help our smallholder producers to actually process those products and refine them into international standards.

He said the exchange was collaborating with NEPC and other stakeholders to address the issue of quality control and rejects of our products internationally.

Meanwhile, Olabimpe Fawale, the Head, Women and Youth Unit at SMEDAN, also reinforced the agency’s commitment to supporting women entrepreneurs.

“Today, we gather not just to celebrate, but to truly appreciate and commend the efforts of women entrepreneurs.

“SMEDAN’s new Grow Our Accelerator Programme, is designed specifically to mentor and build the capacity of women entrepreneurs.

“The programme aims to empower 100 women annually across three cohorts. Women-owned and women-led enterprises are the focus.

“We are opening the portal for registration immediately, and we will be shortlisting beneficiaries to join the programme,” she said.

According to her, the programme will equip the entrepreneurs with critical resources and support for growth and development. (NAN)

Edited by Chinyere Joel-Nwokeoma

SMEDAN DG urges ECOWAS member states to implement ESBC programmes
Foreign

SMEDAN DG urges ECOWAS member states to implement ESBC programmes

329 total views today

By Mark Longyen

The Director-General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Charles Odii, has urged ECOWAS member states to actively implement the ECOWAS Small Business Coalition’s (ESBC) programmes.

Odii gave the advice in an interview with the News Agency of Nigeria (NAN) in Praia, Cape Verde, on Wednesday, at a meeting of West African countries’ ESBC presidents and stakeholders.

NAN reports that the event, organised by ESBC in collaboration with ECOWAS, aims to empower West African Micro, Small, and Medium Enterprises (MSMEs) to drive subregional economic growth and integration.

It also aims to promote gender-inclusive trade policies across member states, and prepare them to leverage the opportunities of the African Continental Free Trade Area (AfCFTA), and the ECOWAS Trade Liberalisation Scheme (ETLS).

Odii said ECOWAS had done the necessary thing by producing the articles and the laws required for the MSMEs to thrive, stressing that it was now left for the individual member states to ensure implementation.

“Right now, there are conversations around access to credit, around access to land for development of SMEs, around access to finance.

“But this would not be implemented by ECOWAS as an organisation.

“Rather, it will be implemented by the member states of ECOWAS.

“So, we need the member states to take action and key into this by going out there and ensuring that the ecosystem has cohesion and collaboration,” he said.

He said that the gathering was an opportunity for the ESBC presidents to consider the challenges facing them collectively, with a view to holistically tackling them as a subregion.

“The challenges that affect small businesses in Ghana are very similar to those that affect small businesses in Nigeria.

“Challenges that affect small businesses in Togo are very similar to the ones found in Guinea-Bissau, Burkina Faso, and so on.

“So we are looking at these challenges, and many of them border on financing; many of them border on corporate governance, trade and investment and many of the challenges border  on communication,” he said.

He expressed optimism about the future of MSMEs in West Africa, describing the enterprises as “the engines of progress in the subregion”.

The director general urged them to harness industrialisation possibilities, leverage trade frameworks, and ignite investments that could transform challenges into opportunities.

He disclosed that Nigeria alone has no fewer than 39,654,844 million MSMEs, saying that 13 out of 15 member states attended the meeting, with the conversation tailored to foster MSMEs’ development across the West African subregion.

Odii emphasised that mutual collaboration among member states is critical to achieving success.

He, therefore, urged them to leverage the African Continental Free Trade Area (AfCFTA), and the ECOWAS Trade Liberalisation Scheme (ETLS).

“I think that the future is very bright for small businesses here because one of the things that we are doing here is actually to deliberate on identity.

“We’re also deliberating on payment and on how to facilitate payment from different countries into another.

“We’re deliberating on data, on how we can access data and use data to make informed decisions for the citizens in the different ecosystems.

“And lastly, we’re also deliberating on capacity development and infrastructure – infrastructure that will help facilitate this and help member countries and for export,” Odii said. (NAN) (www.nannews.ng)

Edited by Emmanuel Yashim

SMEDAN, coy target 100,000 CNG vehicle conversions to support SMEs
Economy/Business

SMEDAN, coy target 100,000 CNG vehicle conversions to support SMEs

519 total views today

By Lucy Ogalue

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), says it is collaborating with Rolling Energy to convert 100,000 vehicles to Compressed Natural Gas (CNG) in 18 months.

The Director-General of SMEDAN, Dr Charles Odii said this at the unveiling of a CNG Conversion and Training Center on Friday in Abuja.

According to him, the initiative will support Small and Medium enterprises (SMEs).

The News Agency of Nigeria (NAN) reports that the initiative is a collaboration between SMEDAN, Rolling Energy, and Pi-CNG

“This new centre is designed to convert vehicles to run on CNG, an affordable and environmentally friendly alternative to traditional fuels.

“With its capacity to convert nine vehicles daily and a dedicated team of 20 technicians, the centre will help SMEs reduce transportation costs and adapt to changing energy needs.

“It will also train young Nigerians in CNG conversion, maintenance, and repair, equipping them with practical skills and opening up new business opportunities”.

According to Odii, the mandate of the Pi-CNG initiative is to roll out about one million converted cars in the next 18 months.

“We at SMEDAN are committing to taking 10 per cent of those cars to be converted at our centres,’’ he said.

According to Odii, the project aligned with SMEDAN’s GROW Nigerian strategy, which focuses on providing SMEs with Guidance, Resources, Opportunities, and Workforce Support.

“By adopting CNG, we are helping SMEs cut costs while promoting sustainable energy practices. This effort is particularly timely as businesses face rising fuel costs following subsidy removal.

“SMEDAN is also committed to improving access to critical infrastructure for SMEs. We are upgrading Industrial Development Centres across the country to provide affordable tools and power tailored to the needs of small businesses.

The California’s Secretary of Transportation, Mr Toks Omishakin, praised Nigeria’s efforts in adopting cleaner energy alternatives, such as CNG, but urged stakeholders to look beyond CNG and invest in long-term renewable solutions.

“I see a tremendous opportunity for collaboration between California and Nigeria in exploring renewable energy solutions like solar, wind, and hydrogen,” Omishakin said.

The Executive Vice Chairman of the Presidential CNG Initiative, Mr Toyin Zubair, commended SMEDAN and other stakeholders for their contributions.

He emphasised the need to harness Nigeria’s vast natural gas resources to drive the economy.

“Nigeria has one of the largest gas reserves in the world. By using this resource locally to power vehicles and industries, we can reduce costs and create a cleaner environment,” Zubair said.

The Chief Executive Officer of Rolling Energy, Mr Mubarak Danbatta, explained that the conversion process prioritised safety and affordability, making it accessible to SMEs.

“With less than N4,000, a vehicle can be fully fueled with CNG, compared to over N60,000 for petrol. This is a significant relief for businesses.

“CNG is not a business for the rich. It is a business for everyone. And the good thing is that this partnership is being done with SMEDAN and Pi-CNG for the benefit of SMEs ,” Danbatta said. (NAN)

Edited by Ese E. Eniola Williams

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