FG unveils $12m Abuja centre to drive entrepreneurship

The Federal Government of Nigeria, in collaboration with the Republic of Korea and the United Nations Development Programme (UNDP), has initiated the construction of a $12 million Abuja Centre for Entrepreneurship (ACE). This facility aims to transform innovative ideas into viable businesses and generate job opportunities for young Nigerians.

The groundbreaking ceremony took place on Thursday at the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) headquarters in Abuja, signifying the shift from the project's planning phase to its physical construction.

Vice President Kashim Shettima, represented by his Special Adviser on General Duties, Dr. Aliyu Modibbo Umar, highlighted that the ACE would address critical support gaps that often lead promising business ideas to fail. He emphasized that even an idea capable of creating 1,000 jobs can be abandoned due to the absence of necessary support.

Shettima explained that the ACE would offer entrepreneurs business education, technical expertise, mentorship, incubation, and acceleration support, particularly in sectors such as fintech, agri-tech, and health-tech. Participants would receive training to test their business ideas, understand customer needs, set product prices, manage cash flows, and establish governance and financial systems that can attract investment.

The Vice President emphasized the importance of digital skills and artificial intelligence in equipping Nigerian entrepreneurs for the global economy. He expressed the government's ambition to nurture Nigeria's next generation of "unicorns" – start-ups valued at approximately $1 billion or more.

Charles Odii, Director-General of SMEDAN, stated that the ACE aligns with the agency's GROW Nigerian Strategy, which focuses on skills development, access to finance and markets, and productive infrastructure. Odii highlighted that the ACE would provide entrepreneurs with physical workspaces and specialist facilities that might be challenging to establish independently.

Elsie Attafuah, UNDP Resident Representative, explained that the ACE would help transform Nigeria's vast youth population of 75 million individuals aged 15 to 35 into sustainable businesses and decent jobs. She noted that young people and MSMEs continue to face challenges, including limited access to finance, digital infrastructure, business support, and innovation spaces.

Kim Eunsub, KOICA Nigeria Country Director, emphasized that the project represents Korea's investment in Nigeria's innovation, entrepreneurship, and MSME ecosystem. She described the ACE as a tangible expression of the strong and growing partnership between Korea and Nigeria.

The ACE is projected to assist 500 young entrepreneurs and 400 start-ups in fintech, edtech, healthtech, and agritech, while offering broader support to MSMEs in Abuja and the surrounding areas.