…As Loom Craft Chocolate gets N5m Grand prize

By Emmanuel Elebeke – Abuja

The 2024 National MSME Conference, organized by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), concluded successfully in Abuja, showcasing the innovative spirit of Nigerian businesses.

Loom Craft Chocolate, an indigenous chocolate manufacturer, triumphed over nine competitors to win the N5 million grand prize, marking a historic moment as the first local company to claim this title.

With over 3,700 applicants, the SMEDAN competition featured ten finalists who presented their products and innovations during the conference. Loom Craft Chocolate, a woman-led enterprise, was recognized for its grassroots mobilization efforts and for empowering rural cocoa farmers. The company aims to revive Nigeria’s cocoa industry, positioning it as a key export revenue source.

Negs Empire, a honey manufacturer, secured the first runner-up position and N3 million, while Datessforever Company took third place, winning N2 million. Contestants were judged on various criteria, including presentation clarity, innovative ideas, marketing competency, and social impact.

SMEDAN’s Managing Director, Mr. Charles Odii, emphasized the importance of this competition in providing MSMEs the chance to showcase their strengths and connect with the global community. He encouraged finalists to utilize their prize money wisely to elevate their businesses.

Uzoamaka Igweike, founder of Loom Craft Chocolate, expressed her heartfelt gratitude, pledging to allocate 60% of her winnings to empower local cocoa farmers and 40% to expand her business, particularly through e-commerce.

Additionally, consolation prizes of N1 million were awarded to the fourth and fifth place contestants, while those in the sixth to tenth positions received N200,000 each. The conference, themed “Grow Nigerian: Sustaining a Digital and Innovation Driven Economy,” included various panel discussions focused on fostering growth in the MSME sector and identifying opportunities and challenges.

In closing, Mr. Odii pledged to facilitate dialogue between the MSME community and government authorities to address barriers to growth. He encouraged MSMEs to form cooperatives to access the N200 billion in loans and grants aimed at revitalizing the manufacturing sector under the Tinubu administration.