The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has partnered with Fidelity Bank Plc to improve access to finance and support for over 40 million Micro, Small and Medium Enterprises (MSMEs) in Nigeria.
The collaboration, formalised through a Memorandum of Understanding (MoU) signed at Fidelity Bank’s headquarters in Lagos, aims to provide affordable loans, capacity building, and market access to MSMEs across the country.
Read also: SMEs hold the key to AfCFTA’s success, says new report
Low-interest loans for SMEDAN-referred businesses
As part of the agreement, Fidelity Bank will offer low-interest loans to businesses referred by SMEDAN. These loans are expected to support MSMEs in scaling operations, improving cash flow, and accessing wider markets.
The bank and SMEDAN also plan to introduce joint initiatives such as mentorship programmes, financial literacy training, and business networking forums.
Fidelity Bank reaffirms support for small businesses
During the MoU signing event, Fidelity Bank’s Managing Director/Chief Executive Officer, Dr. Nneka Onyeali-Ikpe, represented by the Executive Director in charge of Lagos and South-West Directorate, Dr. Ken Opara, restated the bank’s support for the MSME sector.
“This partnership is a renewed commitment to driving growth and creating jobs,” Dr. Onyeali-Ikpe said.
Read also: SMEs called to prioritise sustainable waste practices as economy rebounds
SMEDAN sees collaboration as a catalyst for entrepreneurship
The Director-General of SMEDAN, Charles Odii, described the partnership as a major step in boosting entrepreneurship in Nigeria. He noted that over 90 per cent of MSMEs in Nigeria are nano enterprises that face barriers to financing and market access.
Odii commended Fidelity Bank’s role in enabling entrepreneurs to thrive and expand their operations within and beyond Nigeria.
“This collaboration is a game-changer for over 40 million MSMEs in Nigeria,” Odii said.
Read also: SMEs urged to prioritise long-term vision over short-term profit
Next steps for MSME development
The new partnership is expected to ease long-standing challenges faced by small businesses, including lack of funding, limited business training, and restricted market opportunities.
Through this agreement, both organisations aim to build a more inclusive business environment and unlock the potential of Nigeria’s small business sector.
