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SMEDAN, Sterling to Develop SMEs Database

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CEM REPORT, SME | To better plan and tailor intervention and investment towards the Small and Medium Scale Enterprises (SMEs) in Nigeria, a need to develop a comprehensive database in the sector has been a recognised.

The Small & Medium Enterprises Development Agency of Nigeria (SMEDAN) has signed an agreement with Sterling Bank Plc to develop comprehensive database of the SMEs sector.

At the signing ceremony in Lagos, the Director General of SMEDAN, Olawale Fasanya noted that despite registering approximately 3.8 million SMEs the data still requires cleaning.


Fasanya while appreciating the bank highlighted the MoU’s immense value to SMEDAN’s operations.

He further emphasized that the availability of accurate data would enable SMEDAN to connect SMEs operating within the same market.

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The Chief Executive Officer of Sterling Bank, Abubakar Suleiman, on his part, stressed the significance of authentic partnerships that arise from opportunities rather than regulations noting their tendency to produce favourable results.

He added that external regulatory pressure did not play a role in compelling their cooperation.

He further expressed his optimism about the collaboration.

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