SMEDAN To Bridge Gap Between Nigeria, U.S. Small Businesses

The Small and Medium Enterprises Development Agency of Nigeria(SMEDAN) has identified the need to bridge the gap between Nigerian and U.S. small businesses by fully leveraging the African Growth and Opportunity Act (AGOA) to foster growth, industrialisation, job creation, and improved production quality for Nigerian SMEs.

The AGOA Policy Act was extended in 2015 for an additional 10 years through 2025, seeks to deepen trade and investment relationships with sub-Saharan Africa, promotes economic growth, supports regional integration, and facilitates the region’s integration into the global economy

AGOA, signed into law by President Bill Clinton in May 2000, is a U.S. trade preference program that grants eligible sub-Saharan African countries duty-free access to U.S. markets.

During a presentation at an AGOA forum in Washington, DC, SMEDAN’s director general, Charles Odii, outlined the ‘GROW Nigerian’ strategic blueprint, stressing that, the blueprint aims to support small businesses with guidance, resources, opportunities, and workforce development.

In a statement signed by the SA Media to the director general of SMEDAN, Peter Adeshina, Odii emphasised initiatives to increase awareness of export opportunities like AGOA among Nigerian small businesses, particularly, in key sectors like textiles and agriculture.

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At the forum, SMEDAN organised a side event, the Government to Business (G2B) and Business to Business (B2B) meeting. This event brought together government agencies such as the Nigerian Export Promotion Council (NEPC), entrepreneurs, investors, and industry experts to explore investment and funding opportunities, share knowledge, and discuss potential collaborations.

Odii also highlighted SMEDAN’s efforts to enhance local production quality by negotiating affordable financing, providing discounted access to tools and infrastructure, such as, power through ongoing revamps of its Industrial Development Centers (IDCs), promoting local resource potential through initiatives like ‘One Local Government One Product,’ and improving productivity through programs like the National Business Skills Development Initiative.

On the final day of the forum, Odii joined the minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, at the U.S.-Nigeria Executive Roundtable. This event, held at the U.S. Chamber of Commerce in collaboration with the American Business Council, focused on actionable strategies to strengthen economic partnerships between Nigeria and the U.S., particularly, in creating a more favourable environment for the growth of small businesses.