Charles Odii, the Director-General of the Small and Medium Enterprises Development Agency (SMEDAN), has been working tirelessly to ensure that small businesses in Nigeria have access to funds and resources to grow and thrive.
SMEDAN has been providing loans to small businesses under its various intervention programs and schemes. However, these loans have sometimes been misused or not repaid, which has presented a challenge.
Despite these challenges, Odii has remained committed to helping small businesses. He has made it clear that the loans provided by SMEDAN are not free money, but rather, they are meant to be invested back into the business to boost production and growth.
To address the issue of loan defaults, SMEDAN has partnered with commercial banks to ensure proper disbursement and recovery of loans. This partnership has also led to the deployment of the global standing instruction (GSI) to recover loans from defaulters.
Due to the high rate of loan defaults, the Central Bank of Nigeria (CBN) suspended the application of new loans under its intervention programs and schemes. This decision was meant to encourage banks to focus on recovering previous loans and ensure that funds are being used appropriately.
Despite these setbacks, Odii has remained focused on his goal of promoting and supporting small businesses in Nigeria. He advocates for responsible borrowing and proper utilization of funds, emphasizing that the loans provided by SMEDAN are meant to be invested in the business and not spent on personal expenses like buying beer.
Furthermore, Odii emphasizes the importance of capacity-building for small businesses to access and repay loans. He believes that by providing proper training and education, small business owners will not only have the knowledge and skills to utilize the loans effectively but will also be better equipped to repay them.
Despite the challenges, Charles Odii continues to work towards his vision of empowering small businesses in Nigeria. His determination and dedication to the cause are admirable, and he deserves recognition and appreciation for his efforts.
