The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has reiterated the need for stronger stakeholder collaboration to accelerate the growth of Micro, Small, and Medium Enterprises (MSMEs) and, by extension, the Nigerian economy.
This call was made on Wednesday during a high-level Stakeholders Engagement Forum and press conference held in Lagos as part of the build-up to the SMEs MINE FEST 2025. The event, hosted at the Lagos Chamber of Commerce and Industry (LCCI) building in Alausa, Ikeja, brought together key players in the MSME space, public sector officials, private investors, and industry thought leaders.
Speaking on behalf of the Director-General of SMEDAN, Charles Odii, the agency’s representative, Olubunmi Kole-Dauda, emphasized that the agency’s strategic focus is hinged on a vision to “GROW”—a framework that stands for Guidance, Resources, Opportunities, and Workforce support. According to Kole-Dauda, this model is at the core of SMEDAN’s ongoing reforms and outreach strategies aimed at empowering the over 40 million small businesses registered across Nigeria.
“When our current DG assumed office, his first priority was how to grow the Nigerian economy. We rolled out the ‘GROW’ framework to provide direction and impact, and today, we’re seeing organisations like MINE FEST supporting that mission,” Kole-Dauda stated.
He added that the agency believes in recognizing partners who help execute its mandate, noting that appreciation and recognition will motivate stakeholders to increase their commitment. He further called on public and private stakeholders to identify their strengths and collaborate actively with SMEDAN to scale economic growth through MSMEs.
The organiser of MINE FEST 2025, Tito Philips, provided a roadmap for the upcoming initiative, explaining that the festival is more than an event—it is a national movement to promote Made-in-Nigeria products, local innovation, and homegrown entrepreneurship.
According to him, MINE FEST will feature a trade fair scheduled for October 2025, serving as a platform to showcase Nigerian-made goods and services. A central highlight of the event will be the MINE Conference, which aims to spark high-level dialogue on policies, innovation, and growth in the MSME sector. In his words, the conference “will address the barriers and enablers of progress.”
Philips also announced the prestigious Under 40 Nigerian CEOs Awards, which will honour 40 emerging business leaders for their outstanding innovation and leadership. “These are people who are not waiting for the future to happen—they’re building it today,” he said.
Stakeholders at the forum collectively stressed the importance of deliberate policy formulation and implementation that prioritizes MSME development, noting that small businesses remain the backbone of the Nigerian economy.
Industry players highlighted the need for more accessible funding, simplified business registration processes, and reliable infrastructure to ease operations for SMEs. They urged the Federal Government to work in tandem with agencies like SMEDAN and the private sector to roll out programmes that provide real value for small business operators.
Additional Insight
According to the National Bureau of Statistics, MSMEs contribute over 48% to Nigeria’s GDP and account for more than 80% of employment in the country. However, limited access to finance, weak infrastructure, and inconsistent policy implementation continue to hinder their potential.
SMEDAN’s renewed focus on stakeholder-driven collaboration and recognition-based partnerships is a significant step toward reversing this trend. With the right synergy, experts believe Nigeria’s vast MSME ecosystem can become a powerful driver of inclusive economic growth, job creation, and innovation.
As preparations for MINE FEST 2025 gather momentum, expectations are high that it will serve as a game-changer for MSMEs across Nigeria—bringing public and private sectors closer in their quest to unlock new frontiers of economic opportunity.