The Minister of State for Youth, Ayodele Olawande, has commended Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) under the leadership of Charles Odili.
The Minister who made this commendation at the flag off programme of N1bn matching fund to boost SMEs and ‘One Local Government One Product’ (OLOP), designed to empower local cooperatives to stimulate production by supporting businesses leveraging the unique resource advantages of each local government.
Selected cooperatives in the agribusiness value chain were awarded funds, 70% of which are repayable loans, as part of the initiative’s rollout of the year.
Speaking at the event, the DG SMEDAN, Mr Odii encouraged the prudent use of funds and prompt repayment, citing the potential of OLOP to address Nigeria’s food inflation challenge and boost export efforts.
The N1bn matching fund to boost SMEs said SMEDAN is dedicated towards engaging young people productively and providing essential support for their creative expressions and income generation. The matching funding pact with the Katsina state kicks off this quarter with an initial injection of N250m was signed on thursday at the agency’s headquarters in Abuja during the visit of the Katsina state Governor, Dr Dikko Umaru Radda.
The Minister Olawande declared himself the chief advocate of the OLOP initiative, underscoring its potential to uncover vital resources in local governments across the country and contribute to economic diversification and growth.
