The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has trained more than 6,000 businesses nationwide under a new initiative aimed at improving access to finance for small enterprises.
Charles Odii, Director General, disclosed this at the launch of the Inspire–Create–Start–Scale (ICSS) MSME financing scheme in Abuja.
According to Odii, Nigeria has an estimated 40 million MSMEs, contributing nearly half of the country’s GDP and supporting millions of livelihoods. However, many struggle to secure bank loans due to:
- Perceived high lending risk
- Limited business structure
- Weak financial documentation
- Lack of reliable credit assessment frameworks
The ICSS programme was designed to address these structural challenges by equipping entrepreneurs with practical financial and operational skills.
Odii explained that participants are trained, assessed, and certified under the ICSS curriculum. They develop business plans, improve cash flow management, and gain stronger financial literacy, factors expected to improve their bankability.
As part of the initiative, SMEDAN has facilitated a dedicated financing window offering loans ranging from ₦250,000 to ₦5 million, alongside post-disbursement advisory and monitoring support.
Jaiz Bank is serving as the pioneer financial institution partner for the scheme.
Odii said the programme is not a temporary intervention but a structured system designed to permanently close Nigeria’s MSME financing gap.
The ICSS initiative aligns with SMEDAN’s GROW Nigerian strategy, which stands for:
- Guidance – Through the ICSS curriculum
- Resources – Via the financing window
- Opportunities – Through partnerships with financial institutions
- Workforce Support – Via mentoring and monitoring
The agency plans to significantly scale up the number of trained businesses in 2026 to widen access to capital.
Odii also acknowledged the support of the Minister of Youth Development, Ayodele Olawande, as well as development partner GIZ and Kaduna Business School, which collaborated on the ICSS curriculum.
With over 6,000 MSMEs already trained, SMEDAN says the focus now is to build a pipeline that links capacity development directly to accessible capital and sustainable business growth.
