The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has announced the disbursement of N1.5 million in grants to five female entrepreneurs in Lagos.
At the inaugural edition of its Speed Pitch Competition held at the Eko Convention Center on May 1, SMEDAN awarded the grants to deserving participants.
Charles Odii, the Director-General of SMEDAN, underscored the significance of the initiative in enhancing the financial literacy of female entrepreneurs and providing insights into organizing and marketing their businesses to attract funding.
He expressed SMEDAN’s commitment to extending the competition to other states across Nigeria, aiming to expose more deserving SMEs to funding opportunities and recognition.
Odii highlighted upcoming masterclasses for SMEs 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 shortlisted businesses presented their cases for the grants, emphasizing why their ventures deserved 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 encouraged SMEs to stay updated on its social media platforms for information on upcoming events supporting their growth, in line with its ‘GROW Nigerian’ strategy aimed at stimulating local production and facilitating exports across seven key sectors.
Odii reiterated 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, comprising over 90 percent of businesses in Nigeria.
