President Bola Ahmed Tinubu has welcomed the construction of a $12 million Abuja Centre for Entrepreneurship, saying the project will strengthen Nigeria’s Micro, Small and Medium Enterprises (MSMEs) ecosystem, create jobs and expand economic 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 project is expected to provide facilities, technology, training, incubation and enterprise support for aspiring entrepreneurs, start-ups and growing businesses.
The Centre has an initial target of supporting 500 entrepreneurs, 400 start-ups and 1,500 MSMEs.
About $5.9 million of the funding will be spent on construction, while $6.1 million will finance equipment and programmes designed to support entrepreneurs and businesses.
President Tinubu said the Centre would help establish, strengthen and grow businesses by improving access to the facilities and support entrepreneurs need.
“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.
According to the President, the Federal Government is committed to creating an environment where more Nigerians can establish businesses, expand existing enterprises and employ more people.
“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 Centre will serve businesses in Abuja and surrounding cities, including Kaduna, Jos, Keffi, Lafia, Minna, Makurdi and Lokoja, while contributing to the development of the entrepreneurship and MSME ecosystem across Northern Nigeria.
President Tinubu said the project complements the administration’s broader investments in digital skills, entrepreneurship, enterprise development and MSME support.
The Centre has also been designed to accommodate women and persons with disabilities. It will feature accessible facilities and crèche services for women with young children.
While construction continues, SMEDAN, KOICA and UNDP will work with universities, incubators, financial institutions, private-sector organisations and entrepreneur networks to develop a wider support system around the Centre and identify businesses that can benefit from its programmes.
President Tinubu thanked the South Korean Government 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.
“We must keep building the support around them and opening more opportunities for enterprise across the country,” President Tinubu said.