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“What we discovered at SMEDAN is a high rate of financial illiteracy and business managerial skills among the nano, small and medium businesses in Nigeria,” he stated.

Lawal’s statement was a reaction to a report by an audit and advisory firm, PwC Nigeria, which showed that 67 per cent of MSMEs in Nigeria experienced a decline in demand for their products in the last two years.

He noted that SMEDAN worked to solve the challenges faced by small business owners, saying, “The agency, under the leadership of Mr Charles Odii, is completely aware of these challenges highlighted.

“The Federal Government, through the agency, has made available N5bn SMEDAN Sterling Bank partnership to provide credit to MSMEs at a single-digit interest rate.”

He added that the SMEDAN matching fund of N4bn for MSMEs in Enugu, Abia, Katsina and Imo States was another intervention by the agency to make MSMEs globally competitive and equipped to apply for available funding opportunities.

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