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Home Business News

SMEDAN to move 40 million informal businesses to formal sector, registers MSMEs

Titobioluwa Okunade by Titobioluwa Okunade
December 23, 2019
in Business News, Small Business
SMEDAN begins registration of Micro, Small and Medium Scale businesses

Otunba Femi Pedro

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The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has started registering Micro, small and medium businesses (MSMEs) across the country. The process is to move them from informal businesses to formal sector.

In its first phase, the registration process, which reportedly targets the integration of over 40 million micro, small and medium businesses in the country, is expected to aid registered MSMEs to access finance, market, workspace, business, insurance, technology amongst others. The registration is also expected to promote capacity building and post-intervention support for micro-businesses.

Otunba Femi Pedro

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The Chairman of SMEDAN, Femi Pedro, noted that the reason behind this move by the agency was to move informal businesses to the formal sector. He added that the move would also aid industrialization of the country, develop rural economy, reduce youth restiveness and unemployment as well as create the platform for sustainable economic growth and development in the country.

Meanwhile, MSMEs have been established to be the key to the development of any nation’s economy and also the hub for drivers of employment, industry, innovation and export diversification in both developing and developed economies. In Nigeria over 37.1 million micro and SMEs in the country contribute about 47.8% to GDP and account for 7.2% of overall exports, according to SMEDAN.

In a country where there are major infrastructural problems, the major challenge for MSMEs is the lack and cost of electricity that makes products uncompetitive in the market. While other emerging economies such as India, South Korea, and Brazil SMEs sector today has access to international markets as its major target, Nigeria’s is still grappling with access to electricity, said SMEDAN’s boss.

[READ MORE: SMEDAN invests N103.5 million in Sokoto entrepreneurs)

SMEDAN’s registration scheme is expected to create millions of jobs across the entire country, The Nation reported.


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Tags: MSMEsOTUNBA FEMI PEDROSMEDANSMEs
Titobioluwa Okunade

Titobioluwa Okunade

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Comments 9

  1. Aishatu Athanasius Mohammed says:
    March 31, 2020 at 2:37 am

    How do I register with smedan

    Reply
  2. Aishatu Athanasius Mohammed says:
    March 31, 2020 at 2:38 am

    I live in Abuja where do I go for registration and what are the requirements

    Reply
    • SOYINKA SULIAT OLUWAKEMI says:
      October 28, 2020 at 7:12 pm

      How do I register with SMEDAN

      Reply
  3. TADAFE WOODFIELD KINGSLEY says:
    April 3, 2020 at 3:36 pm

    HOW DO I REGISTER WITH SMEDAN ?

    Reply
    • Ahmad ismail says:
      April 20, 2022 at 8:13 pm

      How can i do to register smedan

      Reply
  4. TADAFE WOODFIELD KINGSLEY says:
    April 3, 2020 at 3:38 pm

    WHAT ARE THE REQUIREMENTS FOR REISTRATON

    Reply
  5. Saka Omosule Ayodele says:
    April 20, 2020 at 10:54 am

    HOW CAN I REGISTER WITH SMEDAN AS WANT TO ESTABLISH RESTAURANT/BAKERY OF MEDIUM SIZE?

    Reply
  6. Anonymous says:
    April 24, 2020 at 4:52 pm

    How can I register for the loan please

    Reply
  7. EZE FREDRICK says:
    July 23, 2020 at 7:56 pm

    I havey regestard but not yet payed

    Reply

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