The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) is disbursing over N400 million to 109 cooperatives in the country. At the official signing of Memorandum of Agreement (MoA) between the agency, microfinance banks and chairmen of the cooperatives, yesterday, the Director General of SMEDAN, Dr Umaru Dikko Radda, said the initiative is under the One Local Government One Project (OLOP) programme. “We selected 109 local governments across senatorial districts in Nigeria. We are giving out between N400 and N500 million across the country. What the programme intends to do is to create and provide machinery for them, provide them with a workspace as well as give them working capital to run their businesses.”  Radda said. The chairman of Feikop Fadama Users Multipurpose Cooperative Society, Jos, Plateau State, Danjuma Mathias Mafulo, said it will enhance their business greatly. “Our major problem is the capital to acquire the machine. With the machine, workspace and finance SMEDAN is providing, this will enhance our processing of potatoes into flour. This intervention is going to help us a great deal.” he said. Chairman of Gbajima Agricultural Cooperative in Benue State, James Nikwa said the provision of the machinery and workspace will enable them have cassava processing machine and workspace. Managing Director/CEO Microvis Microfinance Bank, Kayode Akinade, said SMEDAN is embarking on the programme in partnership with microfinance banks because they know the finance required for each cooperative to carry out their business.

Source: https://www.dailytrust.com.ng/smedan-disburses-over-n400m-to-109-cooperatives.html