SMEDAN unveils 2026 roadmap to boost MSMEs with low-interest loans, job creation

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has reaffirmed its commitment to providing single-interest loans to Micro, Small, and Medium Enterprises (MSMEs) as part of ongoing government support for the sector. 

The agency also unveiled its 2026 roadmap aimed at creating more jobs, easing access to affordable financing, and driving inclusive growth for small businesses nationwide.

The Director-General of SMEDAN, Charles Odii, disclosed this during an interactive session with the media in Abuja, highlighting plans to build on the agency’s 2025 achievements. 

The 2026 agenda includes creating over 90,000 direct jobs and disbursing ₦12 billion in affordable financing to MSMEs across Nigeria.

Odii emphasised the importance of reducing the cost of doing business for small enterprises while ensuring government interventions reach their intended beneficiaries. 

“Our focus is job creation and ensuring that small businesses can access finance at single-digit interest rates; anything above that is not sustainable for MSMEs, and the agency will not be a part of it,” he said.

He added that SMEDAN will expand low-cost funding through partnerships with the Bank of Industry, state governments, and other development partners. Several states, including Kaduna, Enugu, and Zamfara, have adopted a matching-fund model, committing up to ₦1 billion each to support MSMEs in their jurisdictions. 

Under these arrangements, funds can be accessed for three main purposes: boosting working capital, procuring workspaces or farms, and acquiring essential work tools, with strict monitoring to ensure funds are used solely for business growth.

Beyond financing, SMEDAN is prioritising skills acquisition and inclusion, particularly for vulnerable and marginalized groups. 

A key initiative in the 2026 roadmap is an inmate rehabilitation and reintegration programme, which will provide vocational training to prison inmates six months to a year before their release.

“The initiative is designed to break the stigma faced by formerly incarcerated persons and reintegrate them into the productive economy. Many have told us that because of stigma, people do not want to employ them. SMEDAN wants to equip them with skills and work with employers to absorb them back into the workforce as responsible, employable citizens,” Odii explained.