SMEDAN sets to assist 140 MSMEs with loans
SMEDAN sets to assist 140 MSMEs with loans
The Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) has announced plans to provide loans to 140 Micro, Small, and Medium-sized Enterprises (MSMEs).
This comes as Olam Agric has provided mixers to 700 bakers and confectioners.
SMEDAN Director-General and Chief Executive Officer, Charles Odii, revealed this during the graduation ceremony of the bakers in Abuja.
Odii, who noted that Nigeria has 39,456,420 small enterprises, urged the graduates to utilise the resources provided to scale their businesses.
He said: “For us at the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), as of our last count, we have 39,456,420 small enterprises in Nigeria.
“We have further broken this down into different sectors. We have nano businesses, micro businesses, small businesses, and medium businesses.
“What you are doing for us today, Olam, is helping us to increase that number. Right now, you have injected an additional 140 entrepreneurs who are all women, and for this, we say thank you.
“Our nano businesses do not need a lot. These are businesses that have fewer than three employees and an annual turnover of less than three million.
“I can tell you that this 140, we will take them on at SMEDAN so that they get registered with us and almost immediately try to provide them with the loans, guidance, and support they need.
“We will work with the management of Crown Flour to see how we can provide loans for you to start your business.
“I am committing today, at the Small and Medium Enterprise Development Agency (SMEDAN), to ensuring that the impact you have created will be multiplied.”
Head of Marketing at Olam Agric, Bola Adeniji, said the initiative was part of their corporate social responsibility aimed at reducing the growing poverty gap in Nigeria.
Adeniji explained: “The Crown Flour Initiative is a corporate social responsibility initiative of Olam Agric, launched in 2021. It aims to empower young women with basic baking skills to enable them to earn a living.
“The fact is the population of Nigeria is skewed between the two genders, and that is why it has become very critical for us to empower our women and keep empowering them with skills so they can be independent and financially stable, thereby reducing the poverty gap in society.
“Since the inception of this initiative, we have trained over 700 individuals and counting. We have centres in Lagos, Abuja, and Kano.
“This particular one is the Abuja centre, where we are awarding certificates to about 140 students who have gone through the process.”
Business Head of Olam Agri in Nigeria, Abhishek Singh, highlighted the firm’s commitment to training thousands of Nigerians, saying the organisation would continue to expand its efforts.
“We are offering free training in Lagos, Abuja, and Kano, covering baking skills, business management, and profitability strategies through our Olam Bake Well App.
“This comprehensive approach ensures that participants from various regions are equipped to thrive as entrepreneurs.”
Managing Director of Olam in Nigeria, Anil Nair, said: “As a business rooted in Nigeria, we believe in the country’s potential for human capital growth. Our investments in people and food value chains align with the Federal Government’s Renewed Hope Agenda for socioeconomic development.
“Seeing women empowered with skills that elevate their economic roles is deeply rewarding.”
State Coordinator for the National Business and Technical Examinations Board (NABTEB), Chinwendu Ogu, commended Olam Agri for its commitment to skill development, stating, “Olam Agri’s partnership with NABTEB showcases its dedication to enhancing Nigeria’s human capital.”
