SMEDAN to grow small businesses, enhance financial literacy

By Lucy Ogalue

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has introduced a business pitch competition known as “SMEDAN Speed Pitch”.

The Director-General of SMEDAN, Charles Odii, in a statement said the initiative was designed to enhance financial literacy and provide small businesses with opportunities to access funds for growth.

Odii said the participants would receive training and support to develop and clearly articulate unique business innovations, viability and potential to unlock opportunities.

According to him, this will include private investments, in the country and across the globe.

He said: “the first edition of the pitch competition will take place on May 1, at the Eko Convention Center in Lagos as part of the Nano Micro Small and Medium Enterprises(NMSME) Engagement Series.

“It will be hosted by Ms Jennifer Adighije, the Senior Special Assistant to the President on Entrepreneurship and Innovation/Digital Economy.

“This initiative is part of SMEDAN’s ‘GROW Nigerian’ strategy, which focuses on boosting local production.

“It does this by providing Small and Medium Enterprises (SMEs) with financial and non-financial resources, including markets, knowledge, mentorship, and tools, to grow sustainably and spread prosperity.”

Odii said to participate in the first edition, businesses must be female-owned, registered and must be in operation for at least three years.

He said: “Applications will open on April 24 and close on April 27.

“Shortlisted applicants will undergo a test to determine the top five performers who will get the chance to present their pitch at the main event in Lagos.

“The winner will receive a prize of one million naira for workforce support, procurement of work tools, and business expansion.

“Runners-up will receive 300,000 and 200,000 respectively, along with free Business Development support.”

On how to apply, the director-general urged applicants to upload a three-minute video pitch to social media.

Odii said: “introduce yourself in the video and showcase your product/service and the problem it solves, and make a case for why you should be enlisted

“Follow and Tag SMEDAN’s official pages (@smedaninfo, use the hashtag #SMEDANSpeedPitch), and remember that application deadline is April 27.

“For pitch criteria, you must posses clear vision and concept, understanding of target audience, unique selling proposition (USP), short-term and long-term goals and utilisation of the prize (money).

“The judging criteria will include clarity, market potential, innovation and differentiation as well as presentation skills.” (NAN)(www.nannews.ng)

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Edited Ekemini Ladejobi