Grace Ashiru
The Director General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Charles Odii, has raised concerns over the underutilization of a N615 million fund earmarked for small business owners. He also highlighted other overlooked benefits, such as a 20% logistics discount offered by a partner firm, emphasizing SMEDAN’s role in advancing businesses from Nano to Medium enterprises within Nigeria’s MSME ecosystem.
Business loans for small businesses
Odii made these remarks during the Mentor Matchup Challenge (MMC) 6.0 held in Lagos, themed “Building Resilient Industries.” The event brought together African entrepreneurs and industry leaders to explore strategies for funding, resilience, and growth across sectors like agribusiness, manufacturing, energy, trade, and fashion.
At the event, Moneda Invest Africa CEO Ejike Egbuagu proposed leveraging pension fund reforms to redirect investments toward dollar-generating sectors, boosting SMEs and driving Nigeria’s economic transformation. Similarly, Somachi Chris-Asoluka of the Tony Elumelu Foundation highlighted the critical role of mentorship and collaboration in empowering young African entrepreneurs to achieve sustainable growth.
The MMC also featured mentorship sessions, panel discussions, and an exhibition showcasing indigenous brands like Chisco Express, Mezovest Limited, and Fancy Soles. These platforms spotlighted the potential for innovation and collaboration within Africa’s SME ecosystem, aiming to inspire solutions that address industry challenges while creating new opportunities for growth.
Odii encouraged entrepreneurs to take full advantage of available funding opportunities and strategic partnerships offered by SMEDAN and other institutions. By maximizing these resources, Nigerian businesses can enhance their resilience and accelerate their journey toward becoming global players in their respective industries.
The event concluded with a renewed commitment from stakeholders to foster an environment that nurtures innovation, strengthens industries, and equips MSMEs to navigate economic challenges successfully.
