President Bola Tinubu is excited about the construction of a $12 million Centre for Entrepreneurship (ACE) in Abuja.
The centre is expected to provide facilities, technology, training and enterprise support to at least 500 entrepreneurs, 400 start-ups and 1,500 Micro, Small and Medium Enterprises (MSMEs).
The president said the Korean-funded project would strengthen Nigeria’s entrepreneurship ecosystem, improve the survival and growth prospects of small businesses and ultimately create more jobs and economic opportunities.
The Centre, being developed at the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) Industrial Development Centre in Idu, Abuja, is funded by the Republic of Korea through the Korea International Cooperation Agency (KOICA).
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It is being implemented in partnership with the Federal Government through SMEDAN and the United Nations Development Programme (UNDP).
Of the $12 million investment, about $5.9 million will finance construction of the facility, while another $6.1 million will be devoted to equipment and programmes for entrepreneurs and businesses.
President Tinubu, in a statement yesterday by his Special Adviser on Information and Strategy, Bayo Onanuga, said the Centre would address some of the constraints confronting Nigerian entrepreneurs by providing facilities, technology, training and other support needed to establish and expand businesses.
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“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.
ACE will provide workspaces, digital facilities, training, incubation and enterprise support for aspiring entrepreneurs, start-ups and established businesses seeking to expand.
Although located in Abuja, the facility is expected to serve entrepreneurs and businesses in surrounding cities, including Kaduna, Jos, Keffi, Lafia, Minna, Makurdi and Lokoja, while contributing to the development of the broader entrepreneurship and MSME ecosystem across Northern Nigeria.
Tinubu said his administration would continue to create conditions that enable Nigerians to establish businesses, expand existing enterprises and compete effectively.
“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.
According to the President, the project complements his administration’s wider investments in digital skills, entrepreneurship, enterprise development and support for MSMEs.
The Centre has also been designed to promote inclusion, particularly for women and persons with disabilities, with accessible facilities and crèche services for women with young children.
As construction continues, SMEDAN, KOICA and UNDP are expected to work with universities, business incubators, financial institutions, private-sector organisations and entrepreneurship networks to build a broader support system around the facility and identify businesses that could benefit from its programmes.
Tinubu thanked the Republic of Korea for committing $12 million to the project and commended KOICA, UNDP and SMEDAN for advancing it to the construction stage.
He said Nigeria would continue to welcome investments and international partnerships that strengthen indigenous businesses, expand enterprise development, and generate 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 enterprises across the country,” Tinubu said.
