The Director General of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Mr Charles Odo has lamented the underutilization of N615 million in available funds for small business owners, along with a 20% discount for businesses using a particular logistics company and other benefits that are often overlooked.
He highlighted the agency’s role in helping businesses evolve from Nano to Medium enterprises within the Micro, Small and Medium Enterprises (MSME) ecosystem.
The SMEDAN DG revealed this during the town hall meeting organized by the Mentor Matchup Challenge (MMC which was held with key stakeholders in the SME ecosystem.
The Mentor Matchup Challenge (MMC) 6.0, which was held in Lagos and brought together entrepreneurs and industry leaders from across Africa and had as its theme “Building Resilient Industries,” provided a platform to discuss strategies for scaling businesses, accessing funding and staying afloat in an uncertain business climate.
At the town hall meeting, attendees were able to build connections and explore opportunities in key sectors including Agribusiness, Manufacturing, Energy, Trade & Retail, and Fashion & Textile.
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The participants urged SMEDAN to improve communication of these benefits through social media and influencers to better reach diverse sectors and demographics. Odii advised small business owners to join cooperatives, to facilitate collective access to funding.
Delivering his key note address on the topic “Capital: The Ultimate Weapon” at the event, the Group CEO of Moneda Invest Africa, Ejike Egbuagu who argued that redirecting pension funds to SMEs could transform economies and infrastructure, however criticized the policy that forces pensions to be invested in naira, which he said ties savings to a weakening currency.
He called for investments in dollar-generating sectors like agribusiness, natural resources, energy, education, and healthcare even as he called for pension reforms and the repatriation of $15 billion in private savings abroad, to fund SMEs and drive economic growth.
Also speaking at the event, the CEO of the Tony Elumelu Foundation, Somachi Chris-Asoluka stressed the importance of collaboration and mentorship to empower Africa’s youth.
Asokuka highlighted the foundation’s efforts to democratize opportunities, providing 20,000 entrepreneurs across 54 African countries with funding, mentorship, and global networks.
According to her, despite challenges, young Africans are thriving and creating jobs, with women delivering greater social impact while she urged more partners and stakeholders to join the Mentor Matchup Challenge initiative and support young entrepreneurs.
Mentor Matchup Challenge 6.0 featured a series of engaging panel discussions on Local Production, International Trade, Sustainability, Energy, and Fashion & Textile.
During the one-on-one mentorship sessions, young entrepreneurs and professionals had the opportunity to connect directly with these industry leaders for individual guidance on scaling their businesses.
The event also showcased an indigenous exhibition, highlighting select African brands such as Chisco Express, Domena, Novac Payment, Skill Paddy, Shosaki Integrated Services Limited, Imperial EdTech, GEO Travel, eDryv, Mezovest Limited, Winston Leather, Hami Jani, Mattoris, Tik Lolly Farms, My Food Angels, Mobile Spa, Reviv Activ, CNM Essentials and Fancy Soles.
NIGERIAN TRIBUNE