SMEDAN Secures $12M Korean Funding, Launches N500M Fund

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), led by Director General Charl Odii, has announced a $12 million commitment from the South Korean government aimed at establishing a world-class skill acquisition center in Abuja. This initiative is part of efforts to deepen entrepreneurship, tackle unemployment, and strengthen Nigeria's small business ecosystem.

The announcement coincided with the observance of the 2026 World MSME Day, themed "Empower MSMEs: Innovate for Sustainable Industrial Development." SMEDAN is awaiting the allocation of land from the Federal Capital Territory (FCT) administration to commence the project. Furthermore, SMEDAN unveiled a N500 million zero-interest growth fund designed to provide affordable financing to MSMEs, which will be disbursed through cooperatives and trade associations.

This fund aims to improve access to capital for genuine entrepreneurs, with a revolving loan model ensuring proper monitoring and support for business activities.