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NCGC and SMEDAN partner to enhance MSME access to financing in Nigeria
via Punch Nigeria2 min read
The National Credit Guarantee Company Limited NCGC and the Small and Medium Enterprises Development Agency of Nigeria SMEDAN have signed a Memorandum of Understanding to improve access to finance for Micro, Small, and Medium Enterprises MSMEs across Nigeria. This agreement, signed in Abuja, aims to strengthen financial inclusion, support enterprise development, and stimulate economic growth by addressing the challenge of affordable financing for small businesses. The partnership will involve collaboration on initiatives to improve MSME creditworthiness, promote financial literacy, facilitate access to credit guarantees, and implement capacity-building programs. Dr. Bonaventure Okhaimo, Managing Director and Chief Executive Officer of NCGC, described the collaboration as a strategic intervention aligned with the Federal Government鈥檚 efforts to support entrepreneurship. He noted that MSMEs are crucial to Nigeria鈥檚 economy due to their contribution to employment and economic activity. NCGC has facilitated N32.78bn in credit and provided over N13.09bn in guarantees, enabling 1,478 businesses to obtain financing and creating or preserving at least 1,682 jobs. Mr. Charles Odii, Director-General of SMEDAN, emphasized the partnership's importance in tackling financing challenges, especially for nano and micro enterprises, and leveraging financing opportunities to drive inclusive economic growth and job creation. The collaboration will also focus on knowledge sharing, stakeholder enga
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