- Over 40m small businesses to benefit from improved financing options
The Securities and Exchange Commission (SEC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have signed a Memorandum of Under- standing (MoU) aimed at improving access to long-term financing for small and medium enterprises (SMEs) through the Nigerian capital market.
The partnership is designed to create alternative sources of capital for the country’s over 40 million registered micro, small, and medium enterprises (MSMEs), helping them grow, create jobs, and contribute to the Federal Government’s $1 trillion economy target.
Speaking at the signing ceremony in Abuja, Director-General of the SEC, Dr. Emomotimi Agama, said the initiative would open new funding routes for SMEs and integrate them into the capital market ecosystem.
“Capital is the bedrock of any company. Today we have about 40 million Small and Medium Enterprises that are duly registered with Small and Medium Enterprises Development Agency of Nigeria and it is important that as a capital market, we are able to find a route for these small and Medium Scale enterprises to be able to raise capital for sustainability.
“We also want to bring them on board the pipeline of listed companies in Nigeria where they will be able to democratize wealth and share a part of their institutions with Nigerians making sure that development is faster and to lead to the growth of the economy,” he stated.
He added that the collaboration aligns with President Bola Tinubu’s agenda on employment, growth, development, and production, describing it as a critical step toward achieving the administration’s trillion-dollar economy vision.
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