Experts chart path to building resilient industries at Mentor Matchup Challenge 6.0

The Mentor Matchup Challenge (MMC) 6.0, held on December 4th, 2024, brought together entrepreneurs and industry leaders from across Africa. Themed “Building Resilient Industries,” the event provided a platform to discuss strategies for scaling businesses, accessing funding and staying afloat in an uncertain business climate. Attendees were able to build connections and explore opportunities in key sectors including Agribusiness, Manufacturing, Energy, Trade & Retail, and Fashion & Textile.

The highlight of the event was the a town hall meeting with key stakeholders in the SME ecosystem, led by Charles Odii, Director General of SMEDAN, who emphasized the agency’s role in helping businesses evolve from Nano to Medium enterprises within the MSME ecosystem. He highlighted the underutilization of ₦615 million in available funds for small business owners, along with a 20% discount for businesses using God is Good Logistics and other benefits that are often overlooked.

Attendees urged SMEDAN to improve communication of these benefits through social media and influencers to better reach diverse sectors and demographics. Odii advised small business owners to join cooperatives, to facilitate collective access to funding.

Ejike Egbuagu, Group CEO of Moneda Invest Africa, delivered his keynote on “Capital: The Ultimate Weapon.” Egbuagu argued that redirecting pension funds to SMEs could transform economies and infrastructure. He criticized 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. Ejike 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 to empower Africa’s youth. She highlighted the foundation’s efforts to democratize opportunities, providing 20,000 entrepreneurs across 54 African countries with funding, mentorship, and global networks. 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 & Textile. 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.

The event also showcased an indigenous exhibition, highlighting select African brands such as Chisco Express, Domena, Novac Payment, Skill Paddy, Shosaki Integrated Services Limited, Imperial EdTech, GEO Travel, eDryv, Mezovest Limited, Winston Leather, Hami Jani, Mattoris, Tik Lolly Farms, My Food Angels, Mobile Spa, Reviv Activ, CNM Essentials and Fancy Soles.

The success of the event was made possible through the generous support of sponsors. Nepal Energies, Pivot Integrated Energy Services Limited, Fidelity Bank, BlackCheetah, African Energy Chambers, Africa Terminals Nigeria Limited, and JFO Energy Solutions played a crucial role in ensuring the execution of MMC 6.0.

As MMC 6.0 came to a close, the excitement and positive feedback in the room hinted at even greater things ahead for MMC 7.0- an ongoing opportunity for entrepreneurs to access mentorship, funding and networking opportunities.