President Bola Ahmed Tinubu has welcomed the construction of the $12 million Abuja Centre for Entrepreneurship.
He said the project will strengthen Nigeria’s MSME ecosystem and help more businesses grow, create jobs and expand economic activity.
The Centre is funded by the Republic of Korea through the Korea International Cooperation Agency, KOICA. It is being developed at the SMEDAN Industrial Development Centre in Idu, Abuja.
The project is in partnership with the Federal Government through the Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, and the United Nations Development Programme, UNDP.
The Abuja Centre for Entrepreneurship, ACE, will support the wider MSME and entrepreneurship ecosystem.It will provide facilities, technology, training and enterprise support for aspiring entrepreneurs, start-ups and growing businesses.
The centre has an initial target of 500 entrepreneurs, 400 start-ups and 1,500 MSMEs. About $5.9 million will go into construction of the centre. The remaining $6.1 million will fund equipment and programmes for entrepreneurs and businesses.
President Tinubu said the Centre would help in establishing, strengthening and growing businesses in the country.
“Small businesses are an important part of our economy. They employ people, support families and create activity in communities across the country,” Tinubu said.
“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 President added.
ACE will provide workspaces, digital facilities, training, incubation and enterprise support for entrepreneurs, start-ups and growing businesses. It will serve businesses in Abuja and surrounding cities, including Kaduna, Jos, Keffi, Lafia, Minna, Makurdi and Lokoja. The centre will also contribute to a stronger entrepreneurship and MSME ecosystem across Northern Nigeria.
President Tinubu said the Federal Government would continue to expand the conditions that allow small businesses to grow and compete.
“We want more Nigerians to be able to start businesses, grow them and employ others.
“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,” he said.
The President said the project complements the administration’s wider investments in digital skills, entrepreneurship, enterprise development and support for MSMEs.
The Centre has also been designed to accommodate women and persons with disabilities.It will include accessible facilities and crèche services for women with young children.
While construction is ongoing, SMEDAN, KOICA and UNDP will work with universities, incubators, financial institutions, private-sector organisations and entrepreneur networks. The collaboration is to build a wider support system around the Centre and identify businesses that can benefit from its programmes.
President Tinubu thanked the Government of the Republic of Korea for the $12 million investment. He also commended KOICA, UNDP and SMEDAN for bringing the project to the construction stage.
He said Nigeria would continue to welcome investments and partnerships that strengthen local businesses, deepen enterprise development and create more 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,” President Tinubu said.
Stakeholders say MSMEs account for over 90 per cent of businesses in Nigeria and remain critical to job creation and poverty reduction. They note that limited access to funding, infrastructure and modern technology has continued to hinder the growth of many small businesses across the country.
The Federal Government said the new Centre is part of its broader strategy to address those challenges and provide structured support for entrepreneurs. SMEDAN said the Idu Industrial Development Centre was strategically chosen to serve as a hub for innovation and enterprise development in the Federal Capital Territory and the North.
KOICA said the project reflects the strong bilateral cooperation between Nigeria and the Republic of Korea in the areas of economic development and capacity building. The agency added that the Centre will adopt inclusive and sustainable models to ensure long-term impact for Nigerian entrepreneurs.
The UNDP also said it will continue to support Nigeria’s efforts to build a resilient and competitive MSME sector through partnerships and technical support while the Presidency said more initiatives aimed at empowering young entrepreneurs and small business owners will be rolled out in the coming months.
