SMEDAN and GIZ Join Forces: Affordable Leasing Options Now Available for Nigerian MSMEs

BY Segun Bakare
4 months ago

The MSME sector in Nigeria has long been considered the backbone of the country’s economy, providing employment opportunities and driving economic growth. However, one major challenge facing this sector has been access to financing. In recent years, the sector has received a much-needed boost thanks to the efforts of the Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Charles Odii.

Under Odii’s leadership, SMEDAN has been working tirelessly to address the financing gap for MSMEs in Nigeria. Most recently, in collaboration with the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), the agency has launched a new initiative that is set to revolutionize the MSME financing landscape in the country.

The Deutsche Gesellschaft für Internationale Zusammenarbeit is the primary German development agency tasked with facilitating development assistance, capacity building, and providing services internationally.

The initiative, known as the MSME Equipment Leasing Scheme, aims to provide MSMEs with affordable and accessible leasing options for equipment and machinery needed to grow and expand their businesses. This aligns with SMEDAN’s vision of creating an enabling environment for the growth and development of MSMEs in Nigeria.

The partnership between SMEDAN and GIZ is a testament to Odii’s commitment to collaboration and strategic partnerships in driving the growth of the MSME sector. GIZ, a German development agency, brings a wealth of experience and expertise in supporting MSMEs, making them the perfect partner for this initiative.

This means that access to financing for equipment and machinery will no longer be a hindrance to their growth. This is especially crucial for small businesses that often struggle to raise the necessary capital to purchase these assets. With the leasing option, MSMEs can now acquire the equipment they need without having to bear the full cost upfront.

The benefits of this initiative are not limited to MSMEs alone. The entire economy stands to gain as well. As MSMEs continue to grow and expand, there will be a ripple effect on job creation, increased revenue generation, and overall economic development.

The launch of the MSME Equipment Leasing Scheme in partnership with GIZ is a significant milestone in the journey towards a thriving MSME sector in Nigeria.