By Lucy Ogalue
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), says its goal is to bridge the gap between Nigerian and U.S. small businesses.
The Director-General of SMEDAN, Dr Charles Odii, in a statement said this at the African Growth and Opportunity Act (AGOA) forum held in Washington, DC.
According to Odii, the agency is working at ensuring that AGOA’s opportunities are fully leveraged by Small and Medium Enterprises (SMEs) in the country.
He said this was to foster growth, industrialisation, job creation, and improved production quality for Nigerian SMEs.
The News Agency of Nigeria (NAN) reports that the forum was convened to review the impact of the duty-free legislation and discuss necessary adjustments ahead of its renewal in 2025.
Signed into law by former President Bill Clinton of the U. S. in May 2,000, AGOA is a U.S. trade preference programme that grants eligible sub-Saharan African countries duty-free access to U.S. markets.
The legislation, extended in 2015 for an additional 10 years to 2025, sought to deepen trade and investment relationships with Sub-Saharan Africa.
It also sought to promote economic growth, support regional integration, and facilitate the region’s integration into the global economy.
During his presentation, Odii outlined the ‘GROW Nigerian’ strategic blueprint, through which SMEDAN sought to support small businesses with guidance, resources, opportunities, and workforce development.
The director-general emphasised the agency’s efforts to enhance local production quality by negotiating affordable financing and providing discounted access to tools and infrastructure such as power.
He said: “this will be achieved through the ongoing revamp of SMEDAN’s Industrial Development Centres (IDCs) and by promoting local resource potential.
“Through initiatives like ‘One Local Government, One Product,’ and improving productivity through programmes like the National Business Skills Development Initiative.”
Odii also highlighted SMEDAN’s initiatives to increase awareness of export opportunities such as AGOA among Nigerian small businesses, with targeted support for key sectors like textiles and agriculture.
He said the agency was collaborating with organisations such as National Agency for Food and Drug Administration and Control (NAFDAC), Standards Organisation of Nigeria (SON), and the Nigerian Exporting and Promotion Commission (NEPC).
According to him, the collaboration is to ensure compliance with safety and regulatory standards as well as streamline the export process.
“We are diligently working to eliminate inefficiencies and barriers that hinder productivity in Nigeria’s SMEs sector.
“We are collaborating with other government agencies involved in taxation, health and safety regulations, land access, and financing to create a conducive environment for growth,” he said.
Odii said the agency had made efforts to secure counterpart funding agreements with both private and public organisations to increase affordable financing for small businesses.
According to him, this includes investments in training, business clinics, and the development of work hubs for high-growth sectors.
Odii underscored the need for ongoing investment and collaboration from both government and private sector entities in the U.S. to ensure the success of these initiatives.
He assured potential investors of Nigeria’s significant economic potential and the current administration’s commitment to protecting private investments and ensuring market stability.
The SMEDAN boss organised a side event at the forum, aimed at boosting Nigeria’s low export figures through comprehensive support for SMEs, especially in the non-oil sector.
“The Government to Business (G2B) and Business to Business (B2B) Meeting brought together government agencies such as the Nigerian Export Promotion Council (NEPC), entrepreneurs and investors and industry experts.
“The stakeholders explored investment and funding opportunities, shared knowledge, and discussed potential collaborations for the sector,”he said.
NAN reports that Odii joined Dr Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, at the U.S.-Nigeria Executive Roundtable on the final day of the forum.
The event was held at the U.S. Chamber of Commerce’s U.S.-Africa Business Centre in collaboration with the American Business Council.
It focused on actionable strategies to strengthen economic partnerships between Nigeria and the U.S., particularly in creating a more favorable environment for the growth of small businesses.
NAN reports that senior U.S. government officials, including representatives from the White House and Congress, trade ministries from African countries, investors, business leaders, labour unions, and small business partners attended the event.
NEWS AGENCY OF NIGERIA