RismadarVoice Reporters, June 29, 2026
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has unveiled the Grow Fund for Small Businesses in Nigeria, a ₦500 million zero-interest revolving loan scheme aimed at supporting Micro, Small and Medium Enterprises (MSMEs) across the country.
The Director-General of SMEDAN, Charles Odii, announced the initiative in Abuja as part of activities marking the 2026 World MSME Day.
Odii explained that the fund will be disbursed through cooperatives, trade unions, business associations and other recognised groups, rather than directly to individual entrepreneurs, to enhance accountability and improve loan recovery.
According to him, the initiative is designed to address the persistent financing challenges facing small businesses, while ensuring that genuine entrepreneurs benefit from the scheme.
He said beneficiaries will be able to access the interest-free loans to increase working capital, acquire business tools and secure workspaces needed to expand their enterprises.
The SMEDAN boss added that repayment terms would be determined in collaboration with participating associations, allowing the revolving fund to reach more business owners over time.
Odii also disclosed that the agency plans to expand the fund through partnerships with state governments, development partners and other institutions willing to provide additional financing.
He further revealed that SMEDAN is reviewing the draft National MSME Policy for onward submission to President Bola Tinubu, with proposed reforms including single-digit interest loans for small businesses, reserving 30 per cent of government procurement for MSMEs, and removing age restrictions from intervention programmes.
The agency also pledged to engage relevant regulatory authorities to address policies and requirements affecting the growth and sustainability of small businesses in Nigeria.
