Tinubu welcomes $12m Korea-funded entrepreneurship centre in Abuja
Tinubu welcomes $12m Korea-funded entrepreneurship centre 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 micro, small and medium enterprises, MSMEs, ecosystem and create more opportunities for businesses to grow.
The centre is being developed at the SMEDAN Industrial Development Centre in Idu, Abuja, with funding from the Republic of Korea through the Korea International Cooperation Agency, KOICA.
It is being implemented in partnership with the Federal Government through the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the United Nations Development Programme, UNDP.
According to a statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy, on Wednesday, the centre will provide facilities, technology, training and enterprise support for aspiring entrepreneurs, start-ups and growing businesses.
The project is expected to initially support 500 entrepreneurs, 400 start-ups and 1,500 MSMEs.
Of the $12 million investment, about $5.9 million will be spent on construction, while $6.1 million will finance equipment and programmes designed to support entrepreneurs and businesses.
Mr Tinubu said the centre would help entrepreneurs establish, strengthen and expand their businesses.
“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,” he said.
The centre will feature workspaces, digital facilities, training areas, incubation services and enterprise support programmes.
It is expected to serve businesses in Abuja and surrounding cities, including Kaduna, Jos, Keffi, Lafia, Minna, Makurdi and Lokoja.
The project is also expected to contribute to the development of a broader entrepreneurship and MSME support network across Northern Nigeria.
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Tinubu said his administration would continue to create an enabling environment for small businesses to grow and compete.
“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.
He said the project was part of the Federal Government’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, with accessible facilities and crèche services for women with young children.
The partners are expected to establish a wider support system around the centre while construction continues.
SMEDAN, KOICA and UNDP will work with universities, business incubators, financial institutions, private-sector organisations and entrepreneur networks to identify businesses that could benefit from the centre’s programmes.
The President thanked the South Korean government for the $12 million investment and commended KOICA, UNDP and SMEDAN for advancing the project to the construction stage.
Tinubu said the Federal Government would continue to welcome investments and partnerships aimed at strengthening local businesses, promoting enterprise development and creating employment opportunities.
“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,” he said.
The Abuja Centre for Entrepreneurship is expected to become a hub for entrepreneurship development, providing businesses with access to infrastructure, digital tools, training and other forms of enterprise support.
