The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has teamed up with the African Development Bank (AfDB) to introduce the AfriCircular Innovators Programme. This program will offer financial and technical assistance to 30 selected Small and Medium Enterprises (SMEs) that are dedicated to circular economy initiatives. This partnership demonstrates SMEDAN’s dedication to promoting sustainability while strengthening Nigeria’s entrepreneurial ecosystem.
Given that Micro, Small, and Medium Enterprises make up about 80 percent of Africa’s businesses, this initiative is crucial for both individual business growth and overall economic resilience across the continent. The circular economy model, which emphasizes reusing, recycling, and regenerating materials to reduce waste, is at the core of this program. The AfriCircular Innovators Programme is projected to create significant benefits, including the potential to generate around 11 million jobs across Africa—a critical development considering the continent’s growing youth population, estimated to exceed 830 million by 2050.
Among the selected SMEs is Siboré Luxury Hair, led by Koumbem Emilienne, which will gain valuable insights and resources through this program. Participating in the AfriCircular Innovators Programme offers not only financial support, but also opportunities for knowledge sharing and capacity building, helping these businesses enhance their operations. The focus on sustainability in this initiative underscores the importance of adopting environmentally friendly practices that benefit both local communities and the broader economy.
The collaboration between SMEDAN and AfDB represents a strategic shift toward a more integrated approach to economic development. By emphasizing circular economy initiatives, the program aims to foster economic growth while reducing environmental impact. This aligns with SMEDAN’s goals of empowering local businesses, promoting innovation, and ensuring that MSMEs remain competitive and environmentally responsible.
