President Bola Tinubu has welcomed the construction of the $12 million Abuja Centre for Entrepreneurship (ACE), saying the project will strengthen Nigeria’s micro, small and medium enterprises (MSMEs) ecosystem, support business growth and create more jobs.
The centre is being developed at the SMEDAN Industrial Development Centre in Idu, Abuja, with funding from the Republic of Korea through the Korea International Cooperation Agency (KOICA). It is being implemented 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 ACE is designed to support entrepreneurs, start-ups and growing businesses through training, incubation, digital facilities, workspaces and other forms of enterprise support.
The centre initially targets 500 entrepreneurs, 400 start-ups and 1,500 MSMEs.
Of the $12 million investment, about $5.9 million will be spent on construction, while the remaining $6.1 million will fund equipment and programmes designed to support entrepreneurs and businesses.
President Tinubu said the centre would play an important role in helping Nigerians establish, strengthen and grow their 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 was quoted as saying in a statement issued by his media aide, Bayo Onanuga, on Wednesday.
“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.”
According to the statement, the ACE will provide workspaces, digital facilities, training, incubation and enterprise support for entrepreneurs, start-ups and growing businesses.
The centre will serve businesses in Abuja and surrounding cities, including Kaduna, Jos, Keffi, Lafia, Minna, Makurdi and Lokoja, while contributing to the development of a stronger entrepreneurship and MSME ecosystem across Northern Nigeria.
President Tinubu said the Federal Government would continue to create conditions that enable 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 added that the project complements the administration’s broader investments in digital skills, entrepreneurship, enterprise development and support for MSMEs.
The statement also disclosed that the centre had been designed to accommodate women and persons with disabilities. It will include accessible facilities and crèche services for women with young children.
While construction continues, SMEDAN, KOICA and UNDP will collaborate with universities, incubators, financial institutions, private-sector organisations and entrepreneur networks to establish a wider support system around the centre and identify businesses that could benefit from its programmes.
President Tinubu thanked the Government of the Republic of Korea for the $12 million investment and commended KOICA, UNDP and SMEDAN for advancing 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,” President Tinubu said.
“We must keep building the support around them and opening more opportunities for enterprise across the country.”
