From Atiku Sarki, Abuja
The Small and Medium Enterprises Development Agency of Nigeria has unveiled plans to register over 250,000 new businesses nationwide in the first quarter of 2026, with a longer-term target of scaling the figure to one million.
The Director-General of SMEDAN, Charles Odii, disclosed this on Wednesday during a media parley with members of the Commerce and Industry Correspondents’ Association of Nigeria in Abuja.
Odii said the 2026 roadmap is designed to expand job creation, ease access to affordable finance and drive inclusive growth across Nigeria’s micro, small and medium enterprises.
According to him, the agenda will build on achievements recorded in 2025, including the creation of more than 90,000 direct jobs and the disbursement of ₦12bn in affordable financing to small businesses nationwide.
He said SMEDAN’s focus in 2026 would be on business formalisation, access to finance, capacity development and infrastructure expansion, noting that early implementation of interventions would help shield MSMEs from political distractions ahead of the election cycle.
“By the first quarter of 2026, we should have handed over 250,000 newly registered businesses, and we are pushing to scale that significantly,” Odii said.
The SMEDAN boss explained that the strategy was aimed at reducing the cost of doing business while ensuring that government interventions reach genuine beneficiaries.
“We are focused on creating more jobs and ensuring that small businesses can access finance at single-digit interest rates. Anything above that is not sustainable for MSMEs, and we will not be part of it,” he stated.
Odii added that the agency would deepen access to low-cost funding through partnerships with the Bank of Industry, state governments and development partners.
He revealed that several states, including Enugu, Kaduna and Zamfara, had adopted a matching-fund model, committing up to ₦1bn each to support small businesses in their states.
Under the arrangement, he said MSMEs would be able to access funds for working capital, acquisition of workspaces or farms, and procurement of essential tools, adding that the funds would be closely monitored to prevent diversion.
Beyond financing, Odii said SMEDAN was prioritising skills acquisition and inclusion, particularly for vulnerable groups.
He disclosed plans for an inmate rehabilitation and reintegration programme under the 2026 roadmap, which would provide vocational training to prison inmates between six months and one year before their release.
“Many of them have told us that because of stigma, people don’t want to engage them. We want to equip them with skills and work with employers to absorb them back into the workforce,” he said.
Odii also announced plans to review the National MSME Policy, which expires on December 31, 2025.
He said the new 2026–2031 policy framework would be developed through extensive consultations with entrepreneurs across the 36 states and the Federal Capital Territory.
“This policy will not be written behind a desk in Abuja. We want small business owners to tell us what is working and what is not,” he said.
According to him, an online portal has been opened for stakeholder input, while consultations are ongoing with the National MSME Council chaired by the Vice President. The final draft is expected to be presented to the President in the first quarter of 2026.
Odii identified poor awareness of government programmes and power supply as major challenges facing MSMEs, calling for stronger collaboration with the media and professional groups to bridge the information gap.
He reaffirmed SMEDAN’s commitment to addressing these challenges through partnerships, policy advocacy and sustained engagement with small business owners across the country.
