NEXIM, SMEDAN Sign Strategic MoU to Support Nigerian SMEs

The Nigerian Export-Import Bank (NEXIM) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have signed a major agreement to boost the growth of small businesses across the country.

Both agencies signed a Memorandum of Understanding (MoU) to support the development of Nigeria’s small and medium enterprises (SMEs). The deal focuses on helping these businesses expand by improving access to export finance, offering training, and creating financial products that meet their needs. It also aims to promote Nigerian-made products on the global market and make trade easier for local entrepreneurs.

The new partnership aligns with the federal government’s plan to grow the non-oil sector and build a stronger, more inclusive economy. The collaboration will create a framework for NEXIM and SMEDAN to work together in supporting SMEs through joint programmes and services.

At the signing event, NEXIM Bank’s Managing Director/CEO, Abba Bello, said the partnership was key to helping Nigerian small businesses compete in global markets. He noted that NEXIM will provide financial tools while SMEDAN brings in experience in business development. Together, they plan to help Nigerian SMEs succeed in exports, especially under the African Continental Free Trade Agreement (AfCFTA).

Charles Odii, Director-General of SMEDAN, said the goal is to prepare small businesses with the skills and financial support they need to grow. He added that the MoU will give local businesses better access to funding, training, and export opportunities.

“This deal will remove barriers for small businesses that want to trade internationally,” Odii said. “We’ll help them meet international standards and give them the tools they need to grow.”

NEXIM, a government-owned bank set up in 1991, provides loans, insurance, and advice to help companies in Nigeria grow their export businesses. Its focus is to boost non-oil exports, earn more foreign exchange, create jobs, and drive economic growth.

SMEDAN was established in 2003 to support the development of micro, small, and medium enterprises (MSMEs) in Nigeria. The agency offers training, business advice, and other services to help small businesses succeed.

This new partnership is expected to make it easier for Nigerian small businesses to enter export markets, improve their performance, and contribute more to the national economy.