Business

MSMEs Growth: SMEDAN advocates for establishment of Development Bank

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), on Thursday held MSMEs Day in Kebbi to raise awareness and attract investments for the growth of local economy.

Director General of SMEDAN, Dikko Radda, said in Birnin Kebbi that small businesses were pivotal to the development of any nation.

Radda, represented by the State Manager of the organisation, Alhaji Abdulkarim Ibrahim, said the celebration was also to partner with various Ministeries, Departments and Agencies (MDAs), and international and regional organizations within the MSMEs ecosystem.

Other partners he said are financial institutions, civil society organisations, the academia, individuals and other relevant stakeholders.

He said the agency was emphasizing the need for the establishment of Development Banks to address the funding challenges confronting MSMEs in Nigeria.

Radda said the objective of this year’s celebration was also to raise awareness about the role of MSMEs in achieving the 2030 agenda for sustainable development.

He said it was also to feed into the global debate on financing for development and also provide, through leadership, recommendations and practical tools that would lead to greater investment in small businesses.

”A MSMEs Development Bank is a robust and a one stop development finance institution mandated to nurture and meet the funding and business growth needs of MSMEs.

“The bank should complement existing products and services offered by commercial and other banks through comprehensive and integrated financial and business advisory services,” he said.

The DG said SMEDAN was engaged in wide range of programmes aimed at promoting the development of the MSMEs sub sector in Nigeria.

He said the programmes involve generating and providing information, and delivering of business development services such as capacity building, mentoring, counseling and advisory services.

He said MSMEs are the backbone of every economy across the world, accounting for more than 90 per cent of businesses and 60 to 70 per cent of employment worldwide.

“Small and medium enterprises play a pivotal role in stimulating economic growth,” he said.

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