President Bola Tinubu has welcomed the construction of the $12 million Abuja Centre for Entrepreneurship (ACE), saying the facility will strengthen Nigeria’s micro, small and medium enterprises ecosystem, support business growth and create more jobs.
Funded by the Republic of Korea through the Korea International Cooperation Agency (KOICA), the centre 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).
$5.9m For Construction
The $12 million investment is divided between physical infrastructure and the programmes that will support businesses.
About $5.9 million will be spent on construction, while $6.1 million will fund equipment and programmes for entrepreneurs and businesses.
The centre is expected to provide workspaces, digital facilities, training, incubation and enterprise support for aspiring entrepreneurs, start-ups and growing MSMEs.
Its initial target is to support 500 entrepreneurs, 400 start-ups and 1,500 MSMEs.
Tinubu said the facility would address some of the practical challenges facing entrepreneurs, particularly access to infrastructure, technology, training and business support.
“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 required better access to facilities and other resources to turn those ideas into sustainable businesses.
“This Centre will provide more of that support and strengthen the ecosystem around them.”
Centre To Serve Abuja And Northern Cities
Beyond Abuja, ACE is expected to serve businesses in surrounding cities including Kaduna, Jos, Keffi, Lafia, Minna, Makurdi and Lokoja, contributing to a broader entrepreneurship and MSME support network across Northern Nigeria.
The project is being designed as more than a physical workspace. Its wider ecosystem will involve universities, incubators, financial institutions, private-sector organisations and entrepreneur networks.
The partners are expected to identify businesses that can benefit from the centre’s programmes while construction continues.
The facility will also incorporate provisions for women and persons with disabilities, including accessible facilities and crèche services for women with young children.
Focus On Business Growth And Jobs
Tinubu said the Federal Government would continue to expand the conditions required for small businesses to grow and compete.
“We want more Nigerians to be able to start businesses, grow them and employ others.”
He said existing businesses also needed greater access to tools and support to become stronger and more productive, linking that objective to jobs, incomes and wider economic activity.
The President said the ACE project complements the administration’s investments in digital skills, entrepreneurship, enterprise development and MSME support.
The September 18 groundbreaking for the centre brought together government officials, development partners and representatives of the private sector, financial institutions, universities and innovation organisations. The project partners have said its broader objective is to connect skills development, entrepreneurship, innovation, finance and market opportunities.
Korea Partnership Behind $12m Investment
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 partnerships that strengthen local businesses, deepen enterprise development and create jobs.
“Our economy will be stronger when more Nigerian businesses can start, survive and grow,” Tinubu said.
“We must keep building the support around them and opening more opportunities for enterprise across the country.”
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