By Chinelo Obogo
The Director General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Charles Odii, has said that N615 million in funding available for small business owners is underutilised.
Speaking at the Mentor Matchup Challenge (MMC) 6.0, which was held on December 4th, 2024, Odii, emphasised the agency’s role in helping businesses evolve from nano to medium enterprises within the MSME ecosystem and said that along with N615m funding, there is also a 20% discount for businesses using God is Good logistics and other benefits that are often overlooked.
Odii advised small business owners to join cooperatives to facilitate collective access to funding. Participants then urged SMEDAN to improve communication of these benefits through social media and influencers to better reach diverse sectors and demographics.
At MMC 6.0, which had the theme “Building Resilient Industries,” experts proffered strategies for scaling businesses, accessing funding, and staying afloat in an uncertain business climate.
Ejike Egbuagu, Group CEO of Moneda Invest Africa, delivered his keynote on “Capital: The Ultimate Weapon,” where he stated that redirecting pension funds to SMEs could transform economies and infrastructure. He criticised the policy that forces pensions to be invested in naira, which ties savings to a weakening currency.
He called for investments in dollar-generating sectors like agribusiness, natural resources, energy, education, and healthcare and called for pension reforms and the repatriation of $15 billion in private savings abroad to fund SMEs and drive economic growth.
Somachi Chris-Asoluka, CEO of the Tony Elumelu Foundation, stressed the importance of collaboration and mentorship in empowering Africa’s youth. She highlighted the foundation’s efforts to democratise opportunities, providing 20,000 entrepreneurs across 54 African countries with funding, mentorship, and global networks. She said that despite challenges, young Africans are thriving and creating jobs, with women delivering greater social impact. She urged more partners and stakeholders to join the Mentor Matchup Challenge initiative and support young entrepreneurs.
MMC 6.0 featured a series of engaging panel discussions on local production, international trade, sustainability, energy, and fashion and textiles. 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.