The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) is seeking a Central Bank of Nigeria (CBN) licence to operate a microfinance bank, enabling direct fund disbursement and monitoring for small businesses.

Director-General Charles Odii unveiled SMEDAN’s five-point agenda for 2026, targeting 250,000 new MSME registrations, with lobbying for an additional one million businesses. The plan also includes revising the National MSME Policy, expanding affordable financing, boosting capacity development, and improving infrastructure to enhance MSME bankability and stimulate economic growth.

Odii noted that SMEDAN aims to scale access to funding from 500,000 MSMEs to 3–5 million businesses, with loans at single-digit interest rates. Industrial hubs, training programs, and partnerships with state governments are also part of the strategy to strengthen Nigeria’s small business ecosystem.