• Appreciates Korea republic for investment and lauds KOICA, UNDP, SMEDAN for project take-off
Deji Elumoye in Abuja
President Bola Tinubu has welcomed the construction of the $12 million Abuja Centre for Entrepreneurship (ACE), saying the project will strengthen Nigeria’s MSME ecosystem and help more businesses grow, create jobs, and expand economic activity.
The centre, funded by Republic of Korea, through Korea International Cooperation Agency (KOICA), is being developed at the SMEDAN Industrial Development Centre in Idu, Abuja, in partnership with the federal government, through SMEDAN, and United Nations Development Programme.
Presidential spokesperson, Bayo Onanuga, in a release issued on Wednesday explained that ACE will support the wider MSME and entrepreneurship ecosystem, providing facilities, technology, training, and enterprise support for aspiring entrepreneurs, start-ups and growing businesses.
Onanuga said the project had an initial target of 500 entrepreneurs, 400 start-ups, and 1,500 MSMEs.
About $5.9 million will go into construction, while $6.1 million will fund equipment and programmes for entrepreneurs and businesses.
ACE will serve businesses in Abuja and surrounding cities, including Kaduna, Jos, Keffi, Lafia, Minna, Makurdi, and Lokoja, while contributing to a stronger entrepreneurship and MSME ecosystem across northern Nigeria.
According to Tinubu, “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.”
Tinubu said the federal government would continue to expand the conditions that allow small businesses to grow and compete.
He stated, “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.”
The president said the project complemented the administration’s wider investments in digital skills, entrepreneurship, enterprise development, and support for MSMEs.
The centre has also been designed to accommodate women and persons with disabilities. It will include accessible facilities and crèche services for women with young children.
While construction is ongoing, SMEDAN, KOICA, and UNDP will work with universities, incubators, financial institutions, private-sector organisations, and entrepreneur networks to build a wider support system around the centre and identify businesses that can benefit from its programmes.
Tinubu thanked the government of Republic of Korea for the $12 million investment and commended KOICA, UNDP, and SMEDAN for bringing 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.
The president stated, “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.”