NEDEP Loan 2022: Apply for National Business Development Program Loan 2022 for SMEs and Cooperatives @ nedep.boinigeria.com.
Did you know that micro, small and medium-sized enterprises (“MSMEs”) represent one of the most important sectors of our economy?
The importance of this can be gauged by the fact that it currently accounts for 96% of businesses in Nigeria and contributes 75% to national employment. Of the 17.2 million MSMEs in Nigeria, more than 17 million are micro-enterprises.
Thus, the growth of this sector is directly correlated to the growth of the economy as a whole and the level of employment throughout Nigeria.
There is no doubt that a nurtured and well-structured MSME sub-sector can contribute significantly to job creation, wealth creation, poverty reduction and sustainable economic growth and development. in Nigeria.
However, a number of challenges inhibit the potential of MSMEs in Nigeria. Foremost among these challenges are:
a) Very poor access to affordable financing.
b) Low access to Business Development Service (BDS), and
c) Inadequate infrastructure/high cost of doing business.
For example, a recent National Bureau of Statistics (NBS)/SMEDAN survey of MSMEs indicated that 73.24% of the top priority of assistance that MSME operators need is finance.
Furthermore, only 4.2% of the 17.2 million MSMEs were able to access loans or overdrafts from financial institutions, while new entrants or start-ups find it virtually impossible to access funds. from banks.
In order to address these challenges, the “NATIONAL ENTERPRISE DEVELOPMENT PROGRAM (NEDEP)” was launched by the Honorable Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, CON.
The program, which aims to generate approximately 5.0 million direct and indirect jobs between 2013 and 2015, focuses on skills training, entrepreneurship training/business development service (BDS) and business development services. access to financing.
The entrepreneurship training/business development service component is implemented under the One Local Government One Product (OLOP) platform, while the access to finance component is managed by the Bank of Industry (BOI ) and skills training through the Industrial Training Fund (ITF).
NEDEP, which is coordinated by the Small and Medium Enterprise Development Agency of Nigeria (“SMEDAN”) is guided by empirical research based on experiences of similar successful enterprise development initiatives in Africa and Asia and on OLOP pilot projects in Kano and Niger states. .
2. Benefits/potentials of NEDEP
- a. It aims to generate approximately 5.0 million direct and indirect jobs between 2013 and 2015.
- b. It will revitalize the rural economy, improve employment opportunities, create wealth and reduce poverty in rural areas of Nigeria. This will be done through the creation of sustainable MSMEs in the 774 Local Government Areas (LGAs) based on comparative and competitive advantages.
- vs. Rooting of the entrepreneurial culture, industrialization of rural areas, strengthening of the development of industrial clusters, increase in the contribution of MSMEs to GDP, increase in export potentials, etc.
- D. Elimination of youth unrest, militancy and other social vices (e.g. kidnapping, insurgency of extremists like Boko Haram, prostitution, armed robbery, drug addiction, thugs, etc.).
- e. Strengthening the social security system in Nigeria.
3. NEDEP Attributes
- a. Delivery by 3 agencies (SMEDAN, ITF, BOI)
- b. Formation and registration of cooperative societies
- vs. National and State Council on MSMEs
D. Restructuring of executing agencies (SMEDAN, BOI, ITF)
- e. Implementation of the One Local Government One Product (OLOP) program.
- F. Developing a Product for Export to Each State
- g. Upgrading Industrial Development Centers (IDCs) into MSME clusters
- h. Provision of common facilities and services
- I. Ongoing engagement, monitoring and reporting system
4. Implementation Strategies
- a. Awareness raising and needs assessment
- b. Product selection
- vs. Baseline surveys and value chain analysis
- D. Constitution and registration of cooperative societies
- e. Development of business plans by cooperative societies
- F. Assessing business plans and making funding available
- g. Access to markets
- h. Access to equipment/machines
- I. Entrepreneurship training
- J. Vocational training
- k. Business Development Service (BDS) Delivery
- I. Monitoring and evaluation (impact study)
5. Current activity
- a. Constitution and registration of cooperative societies
- b. Collection of business plans from co-operative societies across the country.
How to Apply for NEDEP Loan 2022
For more information, visit: http://nedep.boinigeria.com/
Please click to download NEDEP Loan Access Guidelines and Criteria
Cooperative Questionnaire Checklist (Repaired) Guidelines and Criteria
Self-Contained Questionnaire-Checklist Guidelines and Criteria
NEDEP Loan 2022 – Apply NEDEP Loan Application @ nedep.boinigeria.com Voice of Nigeria.