By Lucy Ogalue
Thank you for reading this post, don't forget to subscribe!Abuja, July 28, 2024 (NAN) – The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) is committed to bridging the gap between Nigerian and U.S. small businesses. This was highlighted by Dr. Charles Odii, Director-General of SMEDAN, during the African Growth and Opportunity Act (AGOA) forum held in Washington, DC.
Dr. Odii emphasized the importance of leveraging AGOA’s opportunities to foster growth, industrialization, job creation, and improved production quality for Nigerian SMEs. The forum, convened to review the impact of AGOA and discuss necessary adjustments before its renewal in 2025, saw SMEDAN’s active participation.
AGOA, signed into law by former U.S. President Bill Clinton in May 2000, is a trade preference program that grants eligible sub-Saharan African countries duty-free access to U.S. markets. Extended in 2015, AGOA aims to deepen trade and investment relationships, promote economic growth, support regional integration, and facilitate sub-Saharan Africa’s integration into the global economy.
In his presentation, Dr. Odii introduced the ‘GROW Nigerian’ strategic blueprint, designed to support small businesses with guidance, resources, opportunities, and workforce development. He stressed SMEDAN’s efforts to enhance local production quality by negotiating affordable financing and providing discounted access to essential tools and infrastructure.
“This will be achieved through the ongoing revamp of SMEDAN’s Industrial Development Centres (IDCs) and by promoting local resource potential,” Odii stated. Initiatives like ‘One Local Government, One Product’ and the National Business Skills Development Initiative are key components of this strategy.
Dr. Odii also highlighted efforts to increase awareness of export opportunities such as AGOA among Nigerian SMEs, with particular focus on sectors like textiles and agriculture. Collaborations with organizations like the National Agency for Food and Drug Administration and Control (NAFDAC), Standards Organisation of Nigeria (SON), and the Nigerian Export Promotion Commission (NEPC) are crucial for ensuring compliance with safety and regulatory standards.
“We are diligently working to eliminate inefficiencies and barriers that hinder productivity in Nigeria’s SME sector,” Odii said. He called for collaboration among government agencies involved in taxation, health and safety regulations, land access, and financing to create a conducive environment for growth.
Dr. Odii mentioned SMEDAN’s efforts to secure counterpart funding agreements with both private and public organizations to provide affordable financing for small businesses. This includes investments in training, business clinics, and the development of work hubs for high-growth sectors.
He underscored the need for ongoing investment and collaboration from both government and private sector entities in the U.S. to ensure the success of these initiatives, assuring potential investors of Nigeria’s significant economic potential and the current administration’s commitment to protecting private investments and ensuring market stability.
At a side event organized by SMEDAN, discussions focused on boosting Nigeria’s export figures through comprehensive support for SMEs, especially in the non-oil sector. The Government to Business (G2B) and Business to Business (B2B) meeting brought together key stakeholders to explore investment and funding opportunities, share knowledge, and discuss potential collaborations.
Dr. Odii joined Dr. Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, at the U.S.-Nigeria Executive Roundtable on the final day of the forum. This event, held at the U.S. Chamber of Commerce’s U.S.-Africa Business Centre in collaboration with the American Business Council, focused on actionable strategies to strengthen economic partnerships between Nigeria and the U.S., particularly in creating a favorable environment for small business growth.
The forum was attended by senior U.S. government officials, trade ministries from African countries, investors, business leaders, labor unions, and small business partners.
