The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has unveiled its ambitious strategy to create more jobs within Nigeria’s Micro, Small, and Medium Enterprises (MSMEs) sector. Known as the GROW Nigerian initiative, this plan seeks to provide essential support to SMEs, helping them overcome challenges and drive growth in critical sectors of the economy.
Charles Odii, the Director-General of SMEDAN, shared details of the initiative during a recent meeting in Abuja. The GROW strategy, which stands for Guidance, Resources, Opportunities, and Workforce Support, aims to empower small businesses by addressing common obstacles that hinder growth.
Empowering SMEs through Expertise and Resources
Under the GROW Nigerian strategy, SMEDAN will offer expert guidance, mentorship, and strategic direction to SMEs, enabling them to navigate challenges and fully capitalize on their growth potential. The agency plans to equip businesses with the necessary tools, funding, technology, and infrastructure for operational efficiency and long-term sustainability.
The GROW strategy will also create platforms that enable small businesses to showcase their products and services, thereby expanding their market reach and access. By providing these opportunities, SMEDAN aims to improve visibility and foster growth across various sectors.
Fostering Skill Development and Innovation
In addition to the resources and support, SMEDAN will implement training and skill development programs aimed at equipping entrepreneurs and their teams with the knowledge and expertise needed to thrive. This initiative is designed to encourage productivity and foster a culture of innovation within the MSME sector.
“GROW Nigerian is SMEDAN’s strategic blueprint to accelerate economic growth by providing vital resources to MSMEs across key sectors of the Nigerian economy,” Odii explained. “Our theory of change is based on the belief that by offering the right combination of Guidance, Resources, Opportunities, and Workforce Support, we can help SMEs overcome common obstacles and achieve significant growth.”
Progress and Sector Focus
SMEDAN’s efforts have already yielded positive results. Within the first three months of this year alone, over 90,000 jobs were created through the implementation of various initiatives. Looking ahead, the agency plans to focus on eight critical sectors of the Nigerian economy through the GROW Nigerian strategy:
- Agriculture value chain
- Fashion and textile industry
- Tourism and hospitality
- Manufacturing and production
- Education
- Nigerian digital economy
- Innovation and new technology adoption
Odii expressed optimism that the GROW Nigerian strategy would help address some of the major challenges facing Nigeria’s MSMEs, including limited access to funding, high operating costs, regulatory hurdles (such as multiple taxation and bureaucratic bottlenecks), and a lack of skilled workers.
Addressing MSME Challenges
Among the many obstacles facing MSMEs, Odii highlighted:
- Difficulty in accessing capital for business ventures
- High operating costs, including regulatory burdens and the cost of registration
- A lack of skilled workforce and training opportunities
- Inadequate physical and technological infrastructure, especially in rural areas
- Poor market access, with limited opportunities to showcase products and access cutting-edge technology
“If SMEDAN, in collaboration with key partners and stakeholders, empowers entrepreneurs with the right combination of knowledge, capital, team support, access to markets, and ecosystem support, their growth will be accelerated,” Odii concluded. “This will allow them to build sustainable businesses, create jobs, improve the quality of life, and deliver value for all.”
