Tinubu: $12m Entrepreneurship Centre Will Help More Nigerian Businesses Grow

President Bola Ahmed Tinubu has said the $12 million Abuja Centre for Entrepreneurship (ACE) will help more Nigerian businesses start, survive and grow, as the Federal Government seeks to strengthen support for micro, small and medium enterprises (MSMEs).

Tinubu said the Centre, funded by the Republic of Korea through the Korea International Cooperation Agency (KOICA), would provide entrepreneurs and growing businesses with better access to facilities, technology, training and enterprise support.

The Centre is being developed at the SMEDAN Industrial Development Centre in Idu, Abuja, in partnership with the Federal Government through the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the United Nations Development Programme (UNDP).

“Small businesses are an important part of our economy. They employ people, support families and create activity in communities across the country,” the President.

Adding, “Many entrepreneurs already have the ideas and the determination to succeed. What they often need is better access to facilities, technology, training and the support that can help their businesses grow.

“This Centre will provide more of that support and strengthen the ecosystem around them.”

The project has an initial target of supporting 500 entrepreneurs, 400 start-ups and 1,500 MSMEs through workspaces, digital facilities, training, incubation and other enterprise support services.

Of the $12 million investment, about $5.9 million will be spent on construction, while $6.1 million will fund equipment and programmes for entrepreneurs and businesses.

The Centre is expected to serve businesses in Abuja and surrounding cities, including Kaduna, Jos, Keffi, Lafia, Minna, Makurdi and Lokoja, while contributing to a broader entrepreneurship and MSME support ecosystem across Northern Nigeria.

Tinubu said the government would continue to expand the conditions needed for small businesses to become stronger and more productive.

“We want more Nigerians to be able to start businesses, grow them and employ others,” the President further declared, explaining “We also want existing small businesses to have better access to the tools and support they need to become stronger and more productive.

“That is important for jobs, incomes and the wider economy.”

President Tinubu emphasised project complemented the administration’s wider investments in digital skills, entrepreneurship, enterprise development and MSME support.

The Centre has also been designed to improve access for women and persons with disabilities, with accessible facilities and crèche services for women with young children.

While construction continues, SMEDAN, KOICA and UNDP will work with universities, incubators, financial institutions, private-sector organisations and entrepreneur networks to build a wider support system around the Centre and identify businesses that can benefit from its programmes.

Tinubu thanked the South Korean government for the investment and commended KOICA, UNDP and SMEDAN for advancing the project.

He said Nigeria would continue to welcome investments and partnerships that strengthen local businesses, deepen enterprise development and create jobs.

“Our economy will be stronger when more Nigerian businesses can start, survive and grow.

“We must keep building the support around them and opening more opportunities for enterprise across the country,” the President further stressed.