President Bola Ahmed Tinubu has commended the ongoing construction of the $12 million Abuja Centre for Entrepreneurship, saying the project will strengthen Nigeria’s small and medium-sized enterprise ecosystem, promote business growth and accelerate job creation.
The flagship project is funded by the Government of the Republic of Korea through the Korea International Cooperation Agency (KOICA) and is being developed at the SMEDAN Industrial Development Centre in Idu, Abuja.
The project 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).
Of the total investment, $5.9 million is earmarked for construction, while $6.1 million will be used to provide advanced equipment and comprehensive business support programmes.
The centre is expected to initially support 500 entrepreneurs, 400 start-ups and 1,500 established businesses.
Although located in Abuja, the facility is designed to serve enterprises across the Federal Capital Territory and neighbouring cities, including Kaduna, Jos, Keffi, Lafia, Minna, Makurdi and Lokoja, with the aim of strengthening enterprise development across Northern Nigeria.
The centre will also feature specialised and accessible facilities for persons with disabilities, as well as crèche services to support women with young children.
Tinubu, while highlighting the importance of small businesses to the economy, described them as the backbone of economic activity, providing jobs and supporting families at the grassroots.
He noted that many entrepreneurs had viable ideas and the determination to succeed but lacked adequate access to facilities, technology, training and institutional support.
According to him, the centre will address some of these gaps through modern workspaces, digital facilities, professional training, business incubation and other enterprise support services.
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Meanwhile, implementing partners, including SMEDAN, KOICA and UNDP, are collaborating with universities, financial institutions, private-sector organisations and entrepreneur networks to establish a strong support system for businesses.
The partners are also working to identify high-potential enterprises that can benefit from programmes to be offered at the centre.
Tinubu expressed appreciation to the South Korean Government for its investment and commended the development partners for advancing the project to its current construction phase.
He reaffirmed Nigeria’s commitment to strategic partnerships that promote local enterprise development and expand economic opportunities.
The President said the economy would become stronger as more businesses were supported to start, survive and expand.
