According to its 2024 budget, the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) intends to spend a total of N6.2 billion on empowerment projects, which would include the purchase of motorbikes and tricycles for women and youth in Nigeria.
Twelve state governments, including the Federal Capital Territory and states like Kaduna, Kano, Rivers, and Kwara, have completely or partially banned motorcycle activities; nonetheless, SMEDAN is still dedicated to its empowerment programs. The organization, entrusted with assisting small and medium-sized businesses, seeks to tackle issues such as inadequate infrastructure and restricted availability of financial services.
To counteract the impact of the loss of subsidies, SMEDAN intends to specifically allocate N500 million for the provision of tricycles to eight local governments in the Sokoto North Senatorial District. In addition, N50 million has been set aside to give youngsters in Okija, Anambra state, motorcycles.
Giving women and young people in the northwest geopolitical zones access to motorbikes, cars, and keke napep is a major focus of the budget, which is N3 billion. An additional N100 million has been set aside to provide keke napep to the impoverished in seven local government areas (LGAs) within the Southern Senatorial District of Cross Rivers.
The agency plans to build an office building for N1 billion in 2024 and pay N3 million in rent, even though its headquarters are in Jabi and will be operational by December 2023.
The administration’s strategic focus on economic growth, capital accessibility, job creation, and poverty eradication was highlighted by Vice President Kashim Shettima at the budget announcement. The government’s objective of stimulating the economy is aligned with the efforts, even though they require tough decisions.