The Nigerian Export-Import Bank (NEXIM) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) are collaborating to promote exports by the Small and Medium Enterprises (SMEs) in the country.
To guarantee this collaboration, both agencies have has signed a Memorandum of Understanding (MoU) to this effect.
NEXIM said: “The MoU was aimed at promoting synergy between the two institutions towards capacity building of Nigerian SMEs to boost their contributions to exports and enhance formal trade.”
It is also expected that “such capacity building efforts will help the SMEs to implement the required corporate structures, which will position them to benefit more from government incentives towards increasing their productivity, thus promoting economic diversification and inclusive growth in line with the Economic Recovery and Growth Plan (ERGP) of the current administration.”
Specifically, the MoU states that the two institutions shall jointly ensure that more Micro, Small and Medium Enterprises (MSMEs) benefit from the African Growth & Opportunity Act (AGOA) initiatives of the United States of America.
As both institutions will also promote technical capacity of MSMEs through workshops in the six geopolitical zones of the country.