President Bola Ahmed Tinubu has welcomed the construction of a $12 million Abuja Centre for Entrepreneurship, expected to provide facilities, technology, training and enterprise support to at least 500 entrepreneurs, 400 start-ups and 1,500 Micro, Small and Medium Enterprises. The centre, funded by the Republic of Korea through the Korea International Cooperation Agency, aims to strengthen Nigeria's entrepreneurship ecosystem and create more jobs and economic opportunities.
The Abuja Centre for Entrepreneurship is being developed at the Small and Medium Enterprises Development Agency of Nigeria Industrial Development Centre in Idu, Abuja. The Federal Government is implementing the project in partnership with SMEDAN and the United Nations Development Programme. Of the $12 million investment, about $5.9 million will finance construction of the facility, while another $6.1 million will fund equipment and programmes for entrepreneurs and businesses.
President Tinubu said the Centre would address some of the constraints confronting Nigerian entrepreneurs by providing facilities, technology, training and other support needed to establish and expand businesses. He noted that small businesses are crucial to the economy, employing people, supporting families and creating activity in communities across the country.
The Centre will provide workspaces, digital facilities, training, incubation and enterprise support for aspiring entrepreneurs, start-ups and established businesses seeking to expand. Although located in Abuja, the facility is expected to serve entrepreneurs and businesses in surrounding cities, including Kaduna, Jos, Keffi, Lafia, Minna, Makurdi and Lokoja.
President Tinubu said his administration would continue to create conditions that enable Nigerians to establish businesses, expand existing enterprises and compete effectively. He emphasized the importance of small businesses in creating jobs, generating incomes and driving economic growth.
The Centre has been designed to promote inclusion, particularly for women and persons with disabilities, with accessible facilities and crèche services for women with young children. President Tinubu thanked the Republic of Korea for committing $12 million to the project and commended KOICA, UNDP and SMEDAN for advancing it to the construction stage.
Key points
- The $12 million Abuja Centre for Entrepreneurship aims to support 500 entrepreneurs, 400 start-ups and 1,500 Micro, Small and Medium Enterprises.
- The centre is funded by the Republic of Korea through the Korea International Cooperation Agency.
- The project complements President Tinubu's administration's wider investments in digital skills, entrepreneurship, enterprise development and support for MSMEs.
