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Economic growth

Kaduna State Government and SMEDAN Sign Historic MoU to Drive Inclusive Economic Growth

Strategic Insights

— 1 min read

The Kaduna State Government has taken a significant step towards driving inclusive economic growth by signing a Memorandum of Understanding (MoU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). The partnership, formalised by Senator Uba Sani, Governor of Kaduna State, and Mr. Charles Odii, Director General/Chief Executive Officer of SMEDAN, aims to enhance access to finance, strengthen business development support, and expand employment opportunities for Micro, Small, and Medium Enterprises (MSMEs) in the state.

Key Takeaways:

  • The MoU, signed by Senator Uba Sani and Mr. Charles Odii, formalises a strategic partnership to enhance access to finance, strengthen business development support, and expand employment opportunities for MSMEs in Kaduna State.
  • The partnership is designed to empower NMSEs with accessible and affordable capital, foster a vibrant entrepreneurial ecosystem, and create sustainable jobs and reduce poverty in both urban and rural communities across Kaduna State.
  • The MoU includes a £1 billion Matching Fund Programme, jointly financed by both parties - £500 million each from SMEDAN and the Kaduna State Government.
  • The fund is aimed at providing affordable and accessible financing options to entrepreneurs and small business owners, particularly NMSEs, for working capital and asset acquisition.
  • The partnership signals a shared commitment by SMEDAN and the Kaduna State Government to empower local businesses, stimulate economic activity, and uplift the standard of living for residents.
  • The MoU, according to Senator Uba Sani, marks a bold step towards transforming Kaduna's economic landscape and unlocking the full potential of entrepreneurial talent in the state.

Statistics:

  • £1 billion - the total amount of the Matching Fund Programme.
  • £500 million - the contribution of SMEDAN to the Matching Fund Programme.
  • £500 million - the contribution of the Kaduna State Government to the Matching Fund Programme.
  • Kaduna State - tops the chart on the SMEDAN dashboard for MSME registration, according to Mr. Charles Odii.

Sources:

  • "Kaduna State Government and SMEDAN Sign Historic MoU to Drive Inclusive Economic Growth." (No publication date).
  • A statement issued by Prince Moshood Lawal, Head, Corporate Affairs, SMEDAN.

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