Korean-backed initiative to support 500 entrepreneurs, 400 start-ups and 1,500 MSMEs

By Chioma Vivian James

President Bola Ahmed Tinubu has welcomed the construction of the $12 million Abuja Centre for Entrepreneurship (ACE), describing the initiative as a significant investment that will strengthen Nigeria’s micro, small and medium enterprises (MSMEs) ecosystem, support business growth and create new employment opportunities.

The Centre, funded by the Republic of Korea through the Korea International Cooperation Agency (KOICA), 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).

The President said the project would provide entrepreneurs and businesses with greater access to facilities, technology, training and enterprise support needed to establish, strengthen and expand their operations.

According to him, MSMEs remain an important component of the Nigerian economy because they employ millions of people, support families and stimulate economic activity within communities.

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

“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 said.

The ACE is expected to support an initial target of 500 entrepreneurs, 400 start-ups and 1,500 MSMEs. It will provide workspaces, digital facilities, training, incubation services and other enterprise development programmes designed to help businesses move from ideas and early-stage operations to sustainable growth.

Of the $12 million investment, approximately $5.9 million will be allocated to construction, while $6.1 million will fund equipment and programmes aimed at supporting entrepreneurs and businesses.

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

President Tinubu said the Federal Government would continue to create an enabling environment for small businesses to start, survive, expand 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 noted that the entrepreneurship centre complements the administration’s broader investments in digital skills, entrepreneurship, enterprise development and MSME support.

Beyond business development, the Centre has been designed with inclusion in mind, particularly for women and persons with disabilities. Its facilities will include accessibility features and crèche services to support women with young children who participate in its programmes.

While construction continues, SMEDAN, KOICA and UNDP are expected to collaborate with universities, incubators, financial institutions, private-sector organisations and entrepreneur networks to establish a wider support system around the Centre.

The partners will also identify entrepreneurs and businesses that can benefit from the Centre’s programmes and connect them with relevant opportunities, expertise and resources.

President Tinubu expressed appreciation to the Government of the Republic of Korea for the $12 million investment, while commending KOICA, UNDP and SMEDAN for advancing the project to the construction stage.

He said Nigeria remained open to investments and partnerships capable of strengthening local enterprises, deepening entrepreneurship and generating employment.

“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 said.