SMEDAN unveils N100m fund for 100 entrepreneurs

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has unveiled plans to financially support and train 100 Nigerian entrepreneurs, aiming to turn them into millionaires. The initiative will be showcased at the upcoming GROW Nigerian Conference 2026 in Lagos, combining business training, financial grants, and market access opportunities for the selected entrepreneurs.

The centerpiece of this initiative is the Zero to 100 Pitch Competition, which boasts a prize pool of N100 million to support promising businesses. Grantees will be distributed at the conference and a separate event in northern Nigeria, with final presentations set for November 10. SMEDAN's Director-General, Charles Odii, explained that the program aims to bridge the gap between entrepreneurial skills and the financial resources necessary to establish and expand viable businesses.

He noted that many Nigerians possess business ideas and practical skills but lack the capital and management knowledge to turn them into sustainable enterprises. Odii emphasized that the ambition to create 100 millionaires brings these needs together, stating that the conference will provide entrepreneurs with useful skills, financial support, and connections to help build businesses that sustain livelihoods and create jobs.

The initiative also features the Nigeria First Fair, a marketplace where the public can purchase products directly from Nigerian businesses, discover local brands, and establish commercial relationships with entrepreneurs. SMEDAN is positioning this gathering as a platform to connect small businesses with investors, financial institutions, regulators, and potential customers.

Damilola Aina, a journalist at Punch Newspapers, reports on the initiative, highlighting its potential to address funding and capacity constraints faced by small businesses in Nigeria.