Fidelity Bank, SMEDAN partner to drive economic growth through MSME development

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Fidelity Bank and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have joined forces to boost the growth of Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. The partnership will provide MSMEs with access to friendly interest rate loans, business development support, and market links.

According to Dr. Nneka Onyeali-Ikpe, Managing Director of Fidelity Bank, the partnership aims to drive sustainable growth in the MSME sector. “We want to provide small businesses with the necessary tools to expand their production capacities and reach wider markets,” she said. “Our goal is to empower entrepreneurs, particularly in the areas of finance, capacity building, and market access.”

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The partnership will also include initiatives to promote financial literacy, access to markets, and rewards for high-performing MSMEs. Fidelity Bank and SMEDAN will work closely to design and implement strategies that will drive sustainable growth in the MSME sector.

SMEDAN Director General, Mr. Charles Odii, praised Fidelity Bank for its commitment to MSME development, saying, “We are optimistic about the collaboration in driving economic growth, creating employment, and fostering national development.” Odii also highlighted the significance of the partnership, noting that it will focus on nurturing the growth of small businesses, including micro multinational business enterprises, and expanding operations within the broader African market.

With approximately 40 million MSMEs in Nigeria, this partnership is expected to have a significant impact on the country’s economic development. According to SMEDAN, 90% of these businesses are classified as nano enterprises, underscoring the need for support and empowerment.

Fidelity Bank, ranked among the best banks in Nigeria, is committed to investing in financial literacy programs, access to market initiatives, and rewards for high-performing MSMEs. The bank’s partnership with SMEDAN is a testament to its dedication to supporting entrepreneurship and economic growth in Nigeria.

By providing support to MSMEs, Fidelity Bank and SMEDAN aim to promote entrepreneurship, create employment opportunities, and drive economic growth in Nigeria. The partnership is expected to have a positive impact on the country’s economy and contribute to the development of a thriving MSME ecosystem

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