The federal government has called for deeper collaboration to drive job creation and enhance global competitiveness through enterprise development.
This call came during the inauguration of the D-8 Centre for Small and Medium Enterprises (SMEs) in Abuja, where Nigeria’s leadership in South-South cooperation through innovation and entrepreneurship was underlined.
Speaking at the event, the director-general of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Charles Odi , described the launch of the D-8 SME Centre as a significant milestone that affirms Nigeria’s growing role in fostering economic partnerships among developing nations.
He noted that the decision to establish the centre in Nigeria reflects international recognition of the country’s resilience and business ingenuity.
According to him, the D-8 SME Centre is not just an infrastructure project, but a strategic hub connecting continents and translating policy into action that benefits small businesses. He stressed that, the initiative aligns with the agenda of President Bola Tinubu, who prioritises youth empowerment, enterprise, and regional cooperation in Nigeria’s development goals.
Highlighting the central role of SMEs in job creation, poverty alleviation, and sustainable development, he called for stronger regional integration to address shared challenges such as limited access to finance, poor infrastructure, and regulatory hurdles.
“Countries like Bangladesh, Egypt, Malaysia, and Nigeria face similar constraints. The D-8 SME Centre offers a platform to exchange solutions, expand markets, and harmonise standards,” he said.
He also explained that, SMEDAN’s ‘Grow Nigerian’ strategy aims to move businesses beyond survival mode, enabling them to compete in regional and global value chains. The agency is working to digitise operations, build industrial linkages, improve business regulations, and boost youth participation in the economy.
Describing the centre as a space for matchmaking, knowledge exchange, policy alignment, and co-investment, he emphasised its potential to transform shared ideas into shared prosperity.
Also speaking at the event, the secretary-general of the D-8 Organisation for Economic Cooperation said, SMEs are the backbone of D-8 economies, accounting for the vast majority of businesses and contributing significantly to GDP and employment.
He cited figures showing that SMEs make up 99.8 per cent of businesses in Türkiye, 96 per cent in Nigeria, 98 per cent in Egypt, and over 90 per cent in Pakistan, Bangladesh, and Iran.
He highlighted the D-8’s ongoing efforts to support SME development, including ministerial meetings, cooperative agreements, and various SME forums. He urged member states to support the newly inaugurated centre in tackling persistent challenges such as access to finance, markets, and technology.
Government officials, members of the diplomatic community, private sector players, and development partners attended the inauguration. Representatives of D-8 member countries acknowledged the critical role of SMEs in their respective economies and pledged their full commitment to the success of the D-8 SME Centre.
