n 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, Mr. Charles Odii and the Special Adviser to the Enugu State Governor on MSMEs, Mr Arinze Chiloh-Offiah, marking a significant stride towards entrepreneurial development and economic growth in the state and region at large.
The N1 billion fund aims to provide accessible, single-digit loans to NMSMEs, addressing a critical need for affordable business financing in the state.
Sterling Bank PLC has the responsibility of managing and disbursing the funds to qualified enterprises, ensuring that the initiative reaches its intended beneficiaries efficiently.
The strategic partnership is not just a financial mechanism but a significant step towards actualizing the broader economic development goals outlined in the Agenda for Enugu State. By focusing on NMSMEs, the programme taps into a vital sector that is often considered the backbone of economic growth, especially in emerging markets like Nigeria.
The Matching Fund Programme is expected to have a transformative impact on the NMSME sector in Enugu State. By providing much-needed financial support, it will enable these enterprises to scale up, enhance their competitiveness, and contribute more significantly to the state’s economy. This initiative is also set to create more jobs, stimulate innovation, and foster a more inclusive economic environment.
His Excellency Dr. Governor Peter Mbah, highlighted the importance of NMSMEs in driving sustainable economic development. He expressed 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-privateb partnerships aimed at economic development. It reflects a shared vision of empowering entrepreneurs and small business owners, who are essential to the state’s economic fabric.
As the programme rolls out, it is expected to usher in a new era of growth and prosperity for NMSMEs in Enugu State, aligning with the state’s vision of becoming a hub for enterprise and innovation in Nigeria.