The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) says it will deepen business formalisation, expand access to affordable financing and unveil a new national MSMEs policy in 2026.

The director-general of SMEDAN, Charles Odii, told journalists in Abuja on Wednesday that 2026 would mark a major turning point for Nigeria’s small business ecosystem.

Mr Odii said that several initiatives being rolled out were outcomes of reforms and groundwork laid over the past 18 to 24 months.

He said SMEDAN was targeting the registration of over 250,000 new enterprises by the first quarter, 2026, with discussions ongoing to expand the figure by an additional one million businesses.

According to him, the formalisation drive will help small businesses gain visibility, access government support programmes and contribute meaningfully to economic growth.

The SMEDAN boss also disclosed that the agency would unveil a reviewed National MSME Policy in 2026, following the expiration of the current five-year policy framework.

He said the review process was ongoing and would be completed in the first quarter of the year.

Mr Odii said : “Small business owners across the 36 states and the Federal Capital Territory will be actively involved.

“We cannot sit in Abuja and write policies for small businesses. We want MSMEs themselves to tell us what is working, what is not working, and what policies they need.”

He added that the new policy would also explore social inclusion measures, including support for rehabilitated inmates through skills training and reintegration into the MSME value chain.

On financing, the director-general said SMEDAN was brokering over N12 billion in single-digit funding for small businesses in partnership with the Bank of Industry and state governments.

He said about 500,000 enterprises had already accessed similar funding, but the agency was pushing to scale the number to over three million beneficiaries to reflect the size of Nigeria’s MSME sector.

He explained that the loans, priced between nine and 9.5 per cent interest, were designed strictly for business expansion, equipment procurement and working capital.

Mr Odii identified capacity development as a major priority of the agency and one of its main focus for 2026.

“SMEDAN plans to significantly expand its entrepreneurship and business management training programmes to improve MSMEs’ readiness for financing,” he said.

The SMEDAN boss said although funds were available in the financial system, many small businesses lacked the skills and structure required to access them.

He added that access to business infrastructure, including shared workspaces and industrial clusters, would be expanded through partnerships with receptive state governments.

(NAN)