Economy

SMEDAN unveils grants for 600 micro enterprises in FCT

Published

on

The Small and Medium Enterprises Development Agency (SMEDAN) has empowered 600 micro businesses in the Federal Capital Territory (FCT) under its Conditional Grant Scheme (CGS).

Dr Dikko Radda, the Director General of SMEDAN, presented letter of award to the beneficiaries at the inauguration of the scheme on Friday in Abuja.

While addressing participants, Radda said the micro enterprises sub-sector needed to be strengthened because it was a critical area in the Nigerian enterprise development space.

According to him, the sector collectively accounts for a vast majority of businesses in Nigeria and also accounts for the highest number of jobs created in the economy.

“It is important to note that over 90 per cent of the micro enterprises are informal and populated by people at the bottom of the pyramid.

“Hence, the need for the agency to conceptualise a flagship programme referred to as Conditional Grant Scheme for micro enterprises in Nigeria.

“The justification for a special entrepreneurship and vocational development intervention for entrepreneurs at the bottom of the pyramid cannot be overemphasised .

“This is to graduate the informal enterprises to the formal sector, industrialise the nation, develop rural economy, stem youth restiveness and unemployment, and create the platform for sustainable economic growth and development in Nigeria.”

Radda said that the CGS initiative was geared toward promoting the activities of micro enterprises across the country in the areas of capacity building.

He said that the scheme was also for the delivery of post-intervention services such as access to finance, markets, workplace and technology, among others.

The SMEDAN chief said that the pilot phase of the project was conducted in 2017 in the six geo-political zones in Katsina, Gombe, Ebonyi, Akwa Ibom and Benue states.

He said that the scheme was currently taking place in Kaduna, Yobe, Abia and Delta States and the FCT.

He said in achieving the objectives of the programme, SMEDAN would be working in partnership with other stakeholders including Federal Inland Revenue Service (FIRS), business development service providers, state and local governments and the Corporate Affairs Commision.(CAC)

“Considering the socio-economic impact on the enterprises of the beneficiaries, the agency wishes to extend the programme to other states of the federation, subject to availability of project funds,” Radda said.

Edited By: Grace Yussuf
Source: NAN

Ex-lawmaker urges Ogun, Lagos govts to repair Abeokuta expressway Looters of NYSC camp will be apprehended, prosecuted, says police chief Flood: Bayelsa Govt begins technical study to tackle impact FG vows to discourage physicians’ “brain drain” from the country UN Chief calls for peaceful presidential polls in Ivory Coast Top two seeds Djokovic, Thiem ousted in Vienna Open quarter-finals COVID-19: Expert calls for campaign to help uplift Nigerians’ spirits. Curfew forces Belgium to move home venue for internationals Minister condemns destruction of medical equipment in Kogi Ronaldo recovers from COVID-19 infection England’s “Toothless Tiger” dies at 78 #EndSARS: Gov. Okowa says Nigerians need collective responsibility to rebuild the nation #ENDSARS: FRSC boss orders immediate resumption of operational activities EndSARS: Police say protesters attacked 205 public, private facilities Ekiti APC felicitates with ABUAD Founder, S’East governors, youths call for reduction of security roadblocks in region Makinde’s administration has paid N2.9 bn gratuity – Commissioner CSO calls for effective management, prioritisation of water, sanitation Senator extols virtues of Afe Babalola at 91 Gov. Akeredolu orders 7-day ultimatum for surrender of arms, ammunition in wrong hands President Buhari welcomes international partnership to spur development Navy Sailing Club to stage 3 races in November Feb. 23 fixed for Akeredolu’s inauguration for second term in office Klopp seeking solutions after Van Dijk surgery, Fabinho injury hamper Liverpool defence EndSARS: NGO wants Lagos panel to summon promoters of fake news ECOWAS to strengthen institutions to combat organised crimes United States stocks fall, indices head for weekly losses as virus cases spike UNESCO approves 3 additional biosphere reserves for Nigeria 2 teenagers found dead on Greek island after major quake Delta Schools resume, begin teleclass Nov. 2 – Commissioner Hold public office holders accountable to the people’- Gov. Wike charges NGE Mayhem: How we secured Surulere from hoodlums — Lagos youth leader Africa CDC warns of second wave of COVID-19 infections in Africa LASG flags off Eti-Osa-Lekki-Epe Expressway reconstruction project Sunday UN lauds FG for implementing programmes on women Protest: NASS C/River Caucus sues for peace Reps committee restates commitment to enforcing code of conduct Netherlands reports over 11,000 new infections for first time Coronavirus, social distancing and the Nigerian Women Entrepreneurs NAHCON mourns President of Hajj operators Zambian leader defends investments in road works Water Resources Control Bill: Minister decries misinformation of Nigerians Expert tasks mothers on child-spacing  Police inaugurate committee to assess losses during #EndSARS protest Nigeria stock market gains N571bn in bullish trading ActionAid urges govts to improve investment in agriculture Anambra FA election fail to produce chairman despite sole candidacy IGP commends officers on professionalism during EndSARS protest Lagos Assembly initiates Bill to improve accountability in governance EU executive takes legal action against Hungary for new asylum laws