President Bola Tinubu has forecast a better Micro, Small and Medium Enterprises (MSME) ecosystem in Nigeria with the construction of a $12 million Entrepreneurship Centre in Abuja. 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 SMEDAN and the United Nations Development Programme.
The Entrepreneurship Centre will support the wider MSME and entrepreneurship ecosystem, providing facilities, technology, training, and enterprise support for aspiring entrepreneurs, start-ups, and growing businesses. An initial target of 500 entrepreneurs, 400 start-ups, and 1,500 MSMEs will be supported. About $5.9 million will go into construction, while $6.1 million will fund equipment and programmes for entrepreneurs and businesses.
President Tinubu said the centre will help establish, strengthen, and grow businesses, emphasizing that small businesses are crucial to Nigeria's economy, employing people, supporting families, and creating activity in communities. He noted that many entrepreneurs have ideas and determination but need better access to facilities, technology, training, and support to grow their businesses.
The centre will provide workspaces, digital facilities, training, incubation, and enterprise support for entrepreneurs, start-ups, and growing businesses. It will serve businesses in Abuja and surrounding cities, including Kaduna, Jos, Keffi, Lafia, Minna, Makurdi, and Lokoja, contributing to a stronger entrepreneurship and MSME ecosystem across Northern Nigeria.
President Tinubu also expressed excitement about the $800 million Final Investment Decision (FID) of the Ima Gas Project, expected to produce 300 million standard cubic feet of gas per day at peak. Developed by AMNI International in partnership with TotalEnergies, the project marks another major milestone in his administration's drive to unlock Nigeria's gas resources for investment, industrialization, job creation, and economic prosperity.
The Ima gas project is the fourth major gas project to reach Final Investment Decision since President Tinubu assumed office. The President's administration has prioritized reforms to reverse years of underinvestment in Nigeria's oil and gas industry, issuing Presidential Directives to improve fiscal competitiveness, shorten contracting timelines, and reduce costs.
Key points
- The Entrepreneurship Centre will provide facilities, technology, training, and enterprise support for 500 entrepreneurs, 400 start-ups, and 1,500 MSMEs.
- President Tinubu's administration has prioritized reforms to unlock Nigeria's gas resources, with the Ima Gas Project being the fourth major project to reach Final Investment Decision.
- The centre has been designed to accommodate women and persons with disabilities, including accessible facilities and crèche services for women with young children.
