MINISTER OF INDUSTRY COMMENDS SMEDAN, BACKS AGRICULTURAL SME FINANCING DRIVE
Jerry Adesewo,
The Federal Ministry of Industry, Trade, and Investment, Dr. Jumoke Oduwole, has commended the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) for its sustained commitment to strengthening micro, small, and medium enterprises (MSMEs), particularly in the agricultural sector.
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Speaking at a joint stakeholders’ awareness engagement earlier today, at Novare Mall, Abuja, the Director, Industrial Development Department of the Ministry, who was represented by the Head of MSME Division, Mrs. Popoola Esther Abimbola, delivered a goodwill message on behalf of the Minister, praising SMEDAN for spearheading collaborations that expand access to finance and improve business development services for SMEs.
The event, themed “Collaborative Strategies for Agricultural SME Growth: Focus on BDS and Financing”, was convened in partnership with the Alliance for a Green Revolution in Africa (AGRA). It highlighted persistent challenges facing agricultural SMEs, including limited access to affordable credit, high interest rates, inadequate collateral, and weak financial literacy.
Ministry’s Position on Agricultural SMEs
The Ministry emphasized the need for practical financing solutions, including:
- Strengthening financial inclusion through credit guarantee schemes.
- Expanding innovative models such as blended finance, crowdfunding, and digital financial services.
- Deepening capacity-building initiatives to improve financial management.
- Leveraging public-private partnerships to channel sustainable investments into the agricultural sector.
“Agriculture remains the backbone of our economy, while SMEs are the lifeblood of national development,” the Ministry noted. “By fostering collaboration and innovating around financing solutions, we can unlock the full potential of agricultural SMEs as drivers of inclusive growth, food security, and national prosperity.”
AGRA-Supported Initiative
The goodwill message was further reinforced by the Director General of SMEDAN himself, Mr. Charles Odii, in his welcome address cum opening remarks, as he explained that the initiative is aimed at unlocking the potential of Agri-SMEs, particularly those operating within the rice, maize, and soybean value chains. He stressed that the programme is not only about improving business outcomes, but also about fostering inclusive growth, empowering communities, and creating pathways to prosperity for women- and youth-led enterprises.
He added that the campaign targets ensuring that at least 1,000 youth-led Agri-SMEs receive vital business development services, while 2,500 Agri-SMEs sourced from focal states—Kaduna, Nasarawa, and Niger—benefit directly from the initiative. The effort also includes promoting innovative financing and de-risking models to further improve access to agricultural credit.
The initiative focuses on strengthening business development and enhancing access to finance for SMEs within the rice, maize, and soybean value chains. At least 10,000 MSMEs nationwide are set to benefit, with targeted support for women- and youth-led enterprises.
According to the DG’s office, the program will:
- Improve delivery capacity of BDS providers.
- Promote innovative financing and scale-up models.
- Increase the supply of locally sourced crops in states such as Niger, Kogi, and Nasarawa.
- Link MSMEs to funding through institutions including the Bank of Africa, National Agricultural Development Fund, and the Federal Commercial Bank.
Call for Collaboration
The Ministry reiterated its commitment to creating an enabling environment through policy initiatives like the Nigeria Industrial Revolution Plan (NIRP) and ongoing regulatory reforms aimed at reducing bottlenecks and expanding markets for SMEs.
“Our collective success hinges on collaboration,” the DG’s message, delivered by the project coordinator, Dr. Funto Banarinde, stressed. “Together, we can enhance productivity, foster innovation, and uplift Nigeria’s agricultural sector for future generations.”
The engagement concluded with a renewed pledge of support from both the Ministry and SMEDAN, affirming that partnerships with AGRA and other development actors remain critical to unlocking Nigeria’s agricultural potential and driving inclusive economic growth.