President Bola Ahmed 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), support job creation and expand economic opportunities.
The Centre, funded by the Republic of Korea through the Korea International Cooperation Agency (KOICA), 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).
The facility is designed to provide infrastructure, technology, training, incubation and enterprise support for aspiring entrepreneurs, start-ups and growing businesses. Its initial target is to support 500 entrepreneurs, 400 start-ups and 1,500 MSMEs.
Of the total investment, about $5.9 million will be spent on construction, while $6.1 million will finance equipment and entrepreneurship programmes.
President Tinubu said the Centre would help entrepreneurs establish, strengthen and expand their businesses, describing small businesses as a critical component of the Nigerian economy.
“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 noted that many entrepreneurs already possess the ideas and determination required to succeed but often lack adequate access to facilities, technology, training and business support.
“This Centre will provide more of that support and strengthen the ecosystem around them,” he said.
The ACE will provide workspaces, digital facilities, training, incubation and enterprise development services, serving businesses in Abuja and surrounding cities, including Kaduna, Jos, Keffi, Lafia, Minna, Makurdi and Lokoja.
The initiative is also expected to contribute to the development of a stronger entrepreneurship and MSME ecosystem across Northern Nigeria.
President Tinubu said the Federal Government would continue to create conditions that enable small businesses to start, expand and compete.
“We want more Nigerians to be able to start businesses, grow them and employ others,” he said, adding that existing enterprises also require better access to tools and support to become more productive.
According to the President, strengthening MSMEs remains important to expanding employment, household incomes and broader economic activity.
The project complements the administration’s wider investments in digital skills, entrepreneurship, enterprise development and MSME support.
The Centre has also been designed to promote inclusion, with accessible facilities for persons with disabilities and crèche services for women with young children.
During the construction phase, SMEDAN, KOICA and UNDP will collaborate with universities, business incubators, financial institutions, private-sector organisations and entrepreneur networks to establish a broader support system and identify businesses that could benefit from the Centre’s programmes.
President Tinubu commended the Government of the Republic of Korea for the $12 million investment and praised KOICA, UNDP and SMEDAN for advancing the project to the construction stage.
He said Nigeria would continue to welcome investments and partnerships capable of strengthening local businesses, deepening enterprise development and creating employment.
“Our economy will be stronger when more Nigerian businesses can start, survive and grow,” the President said.
“We must keep building the support around them and opening more opportunities for enterprise across the country.”
