The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has rewarded the achievements of five exceptional women entrepreneurs by awarding them a grant of N2.05 million.
This presentation took place during the inaugural edition of its Speed Pitch Competition held at the Eko Convention Center in Lagos.
The competition aims to enhance financial literacy among small businesses and provide them with opportunities to access funds for expansion.
According to a statement from Peter Adeshina, the media aide to the Director-General, the entrepreneurs secured funding for their ventures by pitching to a live audience and a panel of judges comprising prominent figures from both the private and public sectors.
The grant, totaling N2.05 million, includes N1.5 million from SMEDAN and N550,000 from sponsors and individuals present at the event.
Adeshina said that the five selected businesses showcased the unique attributes of their ventures and presented growth plans to the audience of over 1,800 women entrepreneurs. They revealed why their businesses merited financial support.
Following the pitches and feedback from the judges, Kanyinsola Demola-Seriki of Shea Tribe emerged as the winner, receiving a prize of one million naira 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 in grants.
The remaining two participants, Eccentric Menswear and Ayosifam Integrated Service, each received N150,000.
In his address, the Director-General of SMEDAN, Charles Odii, emphasized the significance of the initiative in enhancing the financial literacy of women entrepreneurs.
He also announced SMEDAN’s intention to expand the competition to other states to offer more SMEs access to funding and recognition.
Odii further stated SMEDAN’s commitment to organizing masterclasses for SMEs on business structuring and pitching, involving successful founders and business managers.
He highlighted SMEDAN’s empowerment programs, including common facility centers aimed at reducing production costs and providing access to modern tools.
The participants praised the event for its impact and commended SMEDAN’s dedication to increasing access to finance.
They emphasized the importance of developing storytelling and marketing skills to capitalize on opportunities.
SMEDAN encouraged SMEs to stay updated on its social media platforms for information on upcoming events aligned with its ‘GROW Nigerian’ strategy, aimed at fostering local production and facilitating exports across key sectors of the economy.
