SMEDAN, BOA Target MSMEs With Matching Fund Programme

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Bank of Agriculture (BOA), as partners, continue their synergy towards boosting the capacity and output of Micro and Small Enterprises (MSEs) across the country with a Matching Fund Programme.

A press statement issued by the Corporate Affairs Unit of the Agency in Abuja, quoted the Director General/Chief Executive Officer of SMEDAN Dr. Dikko Umaru Radda, as saying the two agencies are determined to forge ahead with this project in the interest of Nigeria MSMEs.

He said the monitoring Fund initiative, now in its second edition, is an intervention meant to deliver credit to the sub-sector as a promotional mechanism to enhance output, competitiveness and job creation. He stated that the disbursing entity, under the programme shall be the Bank of Agriculture.

‘’Target beneficiaries for this programme shall be labour-intensive micro or small enterprises (MSEs), operating in the real sector. These shall ideally have innovation value-added products that are establishment footprint in the Nigeria market, and require additional funds to increase output,’’ the statement said.

He therefore called for applications from all suitably-qualified MSEs located in the Plateau, Kano, Edo, and Imo states to apply for the programme through its portal beginning from 30th March, 2021.

It also stated that prospective beneficiaries who must be registered with SMEDAN may apply for loans within the range of N1.2 million to N5 million at an interest rate of 9 percent per annum, given a tenor of about 30month.

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