The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has declared the allocation of N1.5 million in grants to five female entrepreneurs in Lagos.
At the premiere edition of its Speed Pitch Competition hosted at the Eko Convention Center on May 1, SMEDAN distributed the grants to deserving contenders.
Charles Odii, the Director-General of SMEDAN, stressed the importance of the initiative in enhancing the financial literacy of female entrepreneurs and offering guidance on organizing and marketing their businesses to attract funding.
He affirmed SMEDAN’s dedication to expanding the competition to other states across Nigeria, with the aim of exposing more deserving SMEs to funding opportunities and acknowledgment.
Odii highlighted upcoming masterclasses for SMEs focused on business structuring and pitching, featuring successful founders and business managers. The objective is to equip SMEs with knowledge and mentorship to complement the financial support provided by SMEDAN.
During the competition, five selected businesses presented their cases for the grants, emphasizing why their ventures merited financial backing. Kanyinsola Demola-Seriki of Shea Tribe emerged as the winner, receiving N1 million for her business. Ogunkoya Goodness Adeola of Eco-Haven secured the second position, winning N500,000, while Ahmod Mistura of Jumish ICT Services came third, receiving N250,000. Additionally, Eccentric Menswear and Ayosifam Integrated Service each received N150,000.
SMEDAN urged SMEs to stay informed about upcoming events supporting their growth through its social media platforms, aligning with its ‘GROW Nigerian’ strategy aimed at stimulating local production and facilitating exports across seven key sectors.
Odii reaffirmed SMEDAN’s commitment to empowering SMEs through initiatives such as common facility centers, which reduce production costs and provide access to modern tools.
Highlighting the pivotal role of SMEs in President Bola Tinubu’s administration’s agenda, Odii emphasized their significance in job creation and economic development, constituting over 90 percent of businesses in Nigeria.
