SMEDAN boss: MSMEs clusters to boost competitiveness, export drive today.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from today.ng Daily Mail and Mail on Sunday newspapers.
James Emejo in Abuja
The Director-General/Chief Executive, Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), Dr. Dikko Umaru Radda, has assured that its furniture cluster park, currently under construction at the Industrial Development Centre (IDC), Idu, Abuja, will on completion in 2021, enhance the competitiveness of micro, small and medium scale enterprises (MSMEs) in the country and boost efforts to diversify the economy.
He pointed out that by design, clusters provide economies of scale by having shared infrastructure and common facility for small businesses, adding that this will have spill off effects on other enterprises.
Speaking during a facility tour of the Furniture Cluster Park Radda said, the project was conceived by the agency in 2017 to among other things, provide a favourable environment for furniture entrepreneurs to thrive.
SMEDAN seeks CBN License on Microfinance Bank For MSMEs
On
BY Victoria Ojeme
The Director-General, SMEDAN, Dikko Radda Small and Medium Enterprise Development Agency of Nigeria has said that discussions are on with the Central Bank of Nigeria to establish a Microfinance Bank for the Micro, Small and Medium Enterprises.
The Director-General, SMEDAN, Dikko Radda confirmed the development during a media briefing on Thursday in Abuja.
He said the need to set up a Microfinance Bank for MSMEs became imperative as it was becoming increasing difficult for the sector to attract funding from conventional banks.
He described the interest rate of about 25 per cent being charged by banks on loans as high, adding that with such high lending rate, it would be practically impossible for businesses to survive in Nigeria.