The Association of Micro Entrepreneurs of Nigeria (AMEN) recently announced plans to work with two government agencies, the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) and the Central Bank of Nigeria (CBN), to combat youth unemployment in the country by encouraging young Nigerians to engage in small business ventures. AMEN’s objective is to help Nigerian families own businesses by connecting them to microfinance institutions (MFIs) and working with CBN to improve access to financial services. Meanwhile, SMEDAN will provide technical assistance to support CBN in helping MFIs evaluate business plans and entrepreneurial skills. Mr Yinka Fisher, Manager for the Matori Business Support Center of SMEDAN, reportedly argued that a strong community of entrepreneurs could have a positive impact on the sustainable development of the entire country. Details on AMEN are not available.
By Julie Moksim, Research Associate
About Small and Medium Enterprise Development Agency of Nigeria (SMEDAN): The Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) is a government agency that was established in 2003 to promote and develop the country’s micro-, small and medium-sized enterprise (MSME) sector. The organization’s mission is “to establish a structured and efficient micro-, small and medium-sized enterprise sector that will enhance sustainable development of Nigeria.” SMEDAN helps MSMEs access the resources required for their development and provides technical assistance as needed. SMEDAN also works with the Central Bank of Nigeria (CBN) to improve MSME access to financial services. Financial information for SMEDAN is not available.
About Central Bank of Nigeria (CBN): Central Bank of Nigeria (CBN), established in 1958, is Nigeria’s central banking authority. As defined by the 1958 Act of Parliament that created CBN, its statutory mandates are as follows: “to issue legal tender currency; to maintain external reserves; to safeguard the international value of the legal tender currency; to promote monetary stability and a sound financial system in Nigeria; and to act as banker and financial adviser to the Federal Government.” As of July 2010, CBN reports total assets of NGN 7.37 trillion (the equivalent of USD 48.6 billion).
Sources and Additional Resources:
The Nation: “Micro Entrepreneurs Seek Action on Youth Unemployment” by Daniel Essiet, March 9, 2011, http://thenationonlineng.net/web3/business/personal-finance/30189.html
MicroCapital.org Brief, February 15, 2011: Nigeria’s Niger Delta Ministry Announces Microfinance Scheme for Youth, https://www.microcapital.org/microcapital-brief-nigeria’s-niger-delta-ministry-announces-microfinance-scheme-for-youth/
MicroCapital’s Microfinance Universe Profile: Small and Medium Enterprise Development Agency of Nigeria (SMEDAN)
MicroCapital’s Microfinance Universe Profile: Central Bank of Nigeria
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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