President Bola Ahmed Tinubu on Wednesday, September 23, backed the construction of a $12 million Abuja centre for entrepreneurship in Idu, Abuja, expected to support 500 entrepreneurs, 400 start-ups and 1,500 micro, small, and medium enterprises.
The centre is funded by the Republic of Korea through the Korea International Cooperation Agency(KOICA) and is being implemented by the federal government through the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) in partnership with the United Nations Development Programme(UNDP).
According to a statement by Tinubu’s special adviser on information and strategy, Bayo Onanuga, $5.9 million of the investment will be used for construction, while $6.1 million will fund equipment and programmes for entrepreneurs and businesses.
Tinubu said the centre would provide facilities, technology, training and enterprise support to strengthen Nigeria’s entrepreneurship and MSME ecosystem.
He said the project would help address some of the challenges confronting entrepreneurs by improving access to facilities, technology, training and support needed to establish and expand businesses.
“Small businesses are an important part of our economy. They employ people, support families and create activity in communities across the country,” the president said.
He added that many entrepreneurs already had the ideas and determination to succeed but often lacked access to the facilities, technology, training and support required to grow their businesses.
The centre 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, it is expected to serve businesses in surrounding cities, including Kaduna, Jos, Keffi, Lafia, Minna, Makurdi and Lokoja, while contributing to the wider entrepreneurship and MSME ecosystem across northern Nigeria.
The facility is also designed to promote inclusion, particularly for women and persons with disabilities, with accessible facilities and crèche services for women with young children.
While construction continues, SMEDAN, KOICA and UNDP are expected to work with universities, business incubators, financial institutions, private-sector organisations and entrepreneurship networks to establish a wider support system around the centre.
The partners will also identify businesses that could benefit from the centre’s programmes.
Tinubu said the project complemented his administration’s wider investments in digital skills, entrepreneurship, enterprise development and MSME support.
He said the federal government would continue to create conditions that would 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,” he said.
The president 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 partnerships that strengthen local businesses, deepen enterprise development and create employment.
“Our economy will be stronger when more Nigerian businesses can start, survive and grow,” Tinubu said.
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