SMEDAN Unveils Zero-Interest GROW Fund for MSMEs

In its efforts to make business financing accessible to Micro, Small and Medium Enterprises (MSMEs) operators across the country, the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has launched a financing intervention scheme known as the GROW Fund.

Under the GROW Fund initiative, the agency will this year disburse a ₦500 million zero-interest grant to support the activities of small-scale business owners nationwide.
The Director-General and Chief Executive Officer of SMEDAN, Mr. Charles Odii, disclosed this during a road walk and sensitisation campaign at Utako Market in Abuja as part of activities marking the 2026 World MSME Day.
Mr. Odii said the initiative became necessary to enable MSMEs operators access funding to finance and expand their business activities.
According to him, beneficiaries of the scheme will be members of cooperative societies and recognised business associations.
In his words, “The funding will be used for them to add to their working capital, procure workspaces, purchase work tools, and anything outside these will be frowned against.”
He added: “At the end of today, well-trained entrepreneurs based in Abuja will go home with washing machines, barbing kits, shoemaking and sewing machines, among others, because we in SMEDAN have identified these as their needs based on the training we have provided for them.”
The SMEDAN Director-General explained that the agency is providing financial support because small businesses are the backbone of Nigeria’s economy and require support to grow, thrive and prosper.
“It is on this premise that we are providing these infrastructures and financing for small-scale businesses because we understand that when this is done, Nigeria’s small businesses will thrive,” he said.
Mr. Odii further disclosed that the MSMEs policy would be reviewed and launched in November this year as part of measures to strengthen business activities in the sector and enhance national economic development.
He also revealed that the Korean Government has pledged to provide $12 billion to SMEDAN for the establishment of a skills acquisition centre aimed at building the capacity of young and productive entrepreneurs in Nigeria.
“What we need now is a parcel of land in the FCT to build the skills acquisition centre. If the FCT Administration fails to make land available to us, we will make use of our office premises in Idu, Abuja, because we do not want to lose out on the Korean Government’s kind gesture on skills and vocational training programmes and initiatives,” the DG stated.
Mr. Charles Odii therefore called for stronger support and collaboration from state governments on skills acquisition programmes to create jobs, reduce poverty and boost the nation’s economy in line with the Renewed Hope Agenda of the President Bola Tinubu-led administration.