The Federal Government has launched a new financing initiative designed to expand access to affordable credit for 6,122 Micro, Small and Medium Enterprises (MSMEs) nationwide under the SMEDAN Inspire–Create–Start–Scale (ICSS) programme.
The scheme, unveiled in Abuja on Tuesday, is a collaboration between the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) and Kaduna Business School, with implementation support from GOPA Worldwide Consultants.
The loan facility will be administered by Jaiz Bank, offering START loans ranging from ₦250,000 to ₦2 million and SCALE loans between ₦1 million and ₦5 million, all at single-digit interest rates.
Minister of Youth Development, Ayodele Olawande, identified limited access to finance as a critical barrier to entrepreneurship, particularly among young people and underserved communities.
He described the programme as a strategic investment in productivity rather than a social intervention.
“Training alone is insufficient. It must be complemented with mentorship, financing and market access to enable young entrepreneurs translate ideas into viable enterprises,” Olawande said, highlighting green growth, digital transformation and skills development as central to preparing youth for a competitive economy.
Director-General of SMEDAN, Charles Odii, explained that the ICSS framework standardises entrepreneurship training in line with global best practices, positioning participants to become bankable and investment-ready.
“Many MSMEs previously received training without access to capital. Under ICSS, graduates with viable business plans can immediately qualify for financing,” Odii stated.
He added that the loans are targeted at acquiring productive assets such as machinery, tools and equipment to enhance operational capacity and stimulate job creation.
While 100 entrepreneurs are participating in the pilot phase, Odii said the broader objective is to reach 6,122 beneficiaries across the country, with priority given to women and youth-led enterprises.
Head of Development Cooperation at the German Embassy, Karen Jansen, reaffirmed Germany’s commitment to strengthening Nigeria’s MSME ecosystem. She described the ICSS initiative as a sustainable financing model that integrates training, mentorship and responsible lending to reduce default risk while fostering long-term business growth.
One of the beneficiaries, Rukayat Yusuf, who operates in natural cosmetics and agro-processing for export, described the scheme as transformative, noting that it would enable women entrepreneurs to scale production, expand market reach and enhance competitiveness locally and internationally.
The launch attracted government officials, development partners, financial institutions and private sector stakeholders, reflecting a coordinated effort to position MSMEs and youth enterprises as drivers of economic growth and employment generation in Nigeria.
