In a groundbreaking move to strengthen Nigeria’s entrepreneurial base, the Nigeria Deposit Insurance Corporation (NDIC) has partnered with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to launch a free capacity-building program targeting Micro, Small, and Medium Enterprises (MSMEs). The initiative, which begins on Monday, September 15, 2025, offers courses in digital literacy, financial management, and enterprise development—tools that have become indispensable for business growth in today’s competitive global economy.
This partnership comes against the backdrop of persistent challenges facing Nigeria’s MSME sector. For decades, small businesses have been the heartbeat of the economy, contributing more than 48% to national GDP and employing nearly 84% of Nigeria’s workforce, according to previous SMEDAN/NBS surveys. Yet, many MSMEs remain hamstrung by inadequate financial literacy, poor digital adoption, and weak access to credit facilities.
Flashback: Lessons from the Past
The NDIC, historically known as the protector of depositors and a promoter of financial stability, has long championed financial inclusion initiatives. SMEDAN, on its part, has consistently rolled out training schemes, but these often reached only a limited segment of entrepreneurs. Past evaluations revealed that while such interventions created awareness, they fell short in bridging the digital divide and equipping business owners with practical, scalable skills.
The new digital academy addresses this gap directly. By leveraging an online learning platform—www.smedandigitalacademy.com/ndic—the program democratizes access to knowledge, ensuring that even entrepreneurs in remote locations can tap into the training.
Expert Voices: Why This Matters Now
Economic analysts say the initiative is both timely and strategic.
“The Nigerian MSME landscape is at a crossroads. Those who adopt digital and financial literacy will thrive, while those who don’t risk extinction,” said Dr. Uchenna Ogbona, a policy analyst and SME advocate. “What NDIC and SMEDAN are doing is more than training—it’s a survival toolkit for the future of entrepreneurship.”
Banking experts also highlight NDIC’s role in pushing financial literacy into the mainstream.
“Financial mismanagement is one of the top reasons small businesses collapse. By supporting this program, NDIC is indirectly strengthening the financial system, because stable businesses mean fewer defaults, more savings, and ultimately stronger deposit protection,” noted Mrs. Halima Yusuf, a financial inclusion consultant.
Reflections: A Step Toward Economic Resilience
Looking back at previous SME interventions in Nigeria, many have been plagued by inconsistent implementation and limited impact. This time, however, observers are optimistic. The issuance of certificates by SMEDAN to every successful participant ensures formal recognition of the training, which could later serve as a prerequisite for loans, grants, or partnership opportunities.
The program also speaks to Nigeria’s broader ambition of building a $1 trillion economy, as frequently emphasized by policymakers. By empowering entrepreneurs with the right skills, this initiative could trigger a ripple effect—strengthening household incomes, creating jobs, and fostering innovation across multiple industries.
The Road Ahead: Open Questions
While optimism is high, several questions linger. Will participants actively apply the lessons learned to their businesses, or will this end up as just another certification drive? How will the program measure success—by the number of people trained, or by tangible growth in registered MSMEs? And crucially, will government financial institutions follow through with credit support for trained entrepreneurs?
For now, the launch marks a fresh chapter in Nigeria’s journey to nurture self-reliant businesses in an increasingly digitalized economy.
Entrepreneurs ready to join the program can begin their journey by registering at www.smedandigitalacademy.com/ndic.
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