Nigeria Investment Hub

Spread the love

The mandate of SMEDAN as contained in the enabling Act can be smedansummarized as follows:

Stimulating, monitoring and coordinating the development of the MSMEs sub-sector;
Initiating and articulating policy ideas for small and medium enterprises growth and development;
Promoting and facilitating development programmes, instruments and support services to accelerate the development and
modernization of MSME operations;

Serving as vanguard for rural industrialization, poverty reduction, job creation and enhanced livelihoods;
Linking MSMEs to internal and external sources of finance, appropriate technology, technical skills as well as to large
enterprises;
Promoting and providing access to industrial infrastructures such as layouts, incubators, industrial parks;
Intermediating between MSMEs and Government [SMEDAN is the voice of the MSMEs];
Working in contact with other institutions in both public and private sector to create a good enabling environment of
business in general, and MSME activities in particular.

Our Guiding Principle
Outreach: We like to reach as many MSMEs as are crucial and imperative to achieve the goal of an MSME led economic growth,
industrialization and job creation

  • Sustainability: We deliverately create exit strategies, whenever necessary to avoid over-dependence on subsidy
  • Impact: We are committed to delivering measurable results
  • Efficiency: We cherish quality service delivery by our Agency on one hand, and the MSMEs on the other, in the most cost-efficient manner.

What can SMEDAN do for us?

1: What can SMEDAN do for us?
(a) It provides information on raw materials, machinery, equipment, market and the activities of agencies of governments
such as SON, NAFDAC, CAC, FIRS. Information is avilable from SMEDAN’s head office, Business Support Centre (BSC’s) and
from website
(b) It provides Training and capacity building in areas such as book keeping and accounts management, preparation of
business plans, quality control, computer (or IT) appreciation
(c) Access to Finance
(d) Access to improved work space (through industrial parks)
(e) Mentoring
(f) Advisory services
(g) Facilitation of linkages and / or cooperation with other enterprises for improved production
2: How do I generate a business idea?
Every business enterprise starts as an idea which is then translated into a product or service that a customer need or
prepared to pay for:
Business ideas can be generated through reading of books, newspapers/journals, interactions with friends and family
members, your hobbies; your acedemic training, happenings in your immediate environment or gaps created by existing
products. SMEDAN also offers you assistance in business idea generation and evaluation.

3. How do I develop/Write business plan proposal?
There are many Business Development Service Providers (BDSPs) that can help. SMEDAN can assist you to identify some of
them. Furthermore, SMEDAN, through her Head office and the Business Support Centres, would provide model business plans to
start the process

4. How do I get information on Human Resources/Personnel?
Through friends, referrals and employment agencies. Also through SMEDAN Business Support Centre. Employ only somebody you
cna fire if need be.

5. Where do I get market informatin for my product?
(i) From Business Investment profiles developed by SMEDAN
(ii) At SMEDAN Business Clinic operating at our Headquarters in Abuja
(iii) At all the Business Support Centres across the states
(iv) At the Business Information Centres
(v) Visit out website (www.smedan.gov.ng)

6. Can SMEDAN assist in the drafting of standard Business Profile/plan or feasible Study?
Yes. Ask from the Agency’s head office or any of the Business Support Centres in the states.

7. What are the conditions for obtaining SMEDAN loans?
SMEDAN does not give loans, but can facilitate the access of MSMEs to loans from her partnering financial institutions and
from other specialized micro finance schemes. However, in discharging this facilitation, SMEDAN also ensures that MSMEs,
meet the conditions specified in question 9.

8. What do I do to get a loan from the bank?
(i) Clients must have an account with the bank.
(ii) There must be an application for loan indicating how much is required and the purpose
(iii) Applicant must include the following documents:
-Business Plan/Feasibility Study
-Company Information
-Financial Data
(iv) Owners invest at least 25% of total project cost, excluding land

9. How long does it take SMEDAN to appraise the project proposal of an SME and send it to the financing partners?
SMEDAN’s evaluation of projects takes less than a week if all the appropriate details are included. After our evaluation,
the project is passed on to the development finance institution or Commercial Bank who may also carry out further
evaluation before funding the project.

10. Apart from commercial banks, what are theother sources of financing available to MSMEs?
(i) Personal Savings
(ii) Loans form friends/partners and relatives including savings club (Esusu) etc.
(iii) Co-operative socieities / Credit Union or through SMEDAN facilitation to facilities
(iv) Community Banks
(v) Specialized micro finance schemes (e.g. NAPEP’s Multipartner Micro Finance Scheme)
(vi) Government Development finance institutions such as Bank of Industry (BOI) and the Nigeria Agricultural, Co-operative
and Rural Development Bank (NACRBD)

11. How does one register one’s company?
Registration of Companies in Nigeia is the sole responsibility of the Corporate Affairs Commission (CAC). However, SMEDAN
facilitates SMES registration with CAC as part of her corporate responsibilities. Furthermore, SMEDAN facilitates the
registration of MSMEs with the Standard Organization of Nigeria (SON) and National Agency for Food and Drug Administration
and Control (NAFDAC)

12: What is SMEDAN’s relationship with Standard Organization of Nigeria (SON), NAFDAC, Export Promotions Council and other
Regulatory Agencies?
Ans: Smedan is in partnership with all the above named Regulatory bodies for the benefit of MSMEs. SMEDAN provides the
MSMEs all the needed information to enable them fulfil the requirements of the regulatory Agecies and also helps in
packaging the MSMEs where necessary.

13: How can I obtain information about the entrepreneurs interested inthe same line of business or join a group?
(i) By registering with a Business Membership Organization
(ii) By discussing with SMEDAN, either at her Head office or at any of the BSCs
(iii) One of SMEDAN’s major programme is to promote enterprise co-operation (in form of clusters) and linkages (especially
with large enterprises).

CONTACT ADDRESS:
No 35 Port Harcourt Crescent Area 11 Garki Abuja, FCT, Nigeria.

WEBSITE:
http://www.smedan.gov.ng


Spread the love

4 Responses to Small and Medium Enterprises Development Agency of Nigeria (SMEDAN)

Leave a Reply

Your email address will not be published. Required fields are marked *