News
SMEDAN Floats Single-digit Funding for Small Businesses
Mr. Olawale Fasanya, the Director General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has disclosed that a matching fund programme for agro-based Nano, Micro and Small Enterprises (NMSEs) has been launched.
He said the intervention was aimed at delivering credit to the sub-sector in six selected states including Anambra, Bayelsa, Delta, Ebonyi, Ekiti, and Osun.
Fasanya explained that the initiative was in partnership with Sterling Bank Plc to boost financing for small businesses.
In a statement he added that the programme is a promotional mechanism to enhance enterprise output, competitiveness and job creation with the bank as the disbursing entity,
The SMEDAN boss also said the intervention is largely targeted at MSMEs operating in the real sector with value-added agricultural products.
He explained that prospective beneficiaries may apply for financing within the range of N500,000 and N2.5 million.
Fasanya said, “The interest rate applicable on all financing under this programme shall not exceed single digit per annum. The financing tenor is for a maximum period of 30 months effective from the date of the first disbursement.
“This is inclusive of the moratorium which may vary between three to six months depending on the type of enterprise”.
He also said applicants or enterprises wishing to apply must be within the agribusiness value chain.
He said, “The applicant/enterprise must have a Corporate Affairs Commission (CAC) registration or state-approved registration and a movable asset to be registered under the National Collateral Registry (NCR).”
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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