President Bola Ahmed Tinubu has welcomed the launch of a $12 million entrepreneurship project in Abuja, describing it as a major boost for Nigeria’s small business sector and a strategic investment that could unlock thousands of jobs, nurture innovation and accelerate economic growth.
The project, known as the Abuja Centre for Entrepreneurship (ACE), is being funded by the Republic of Korea through the Korea International Cooperation Agency (KOICA) and is currently under construction at the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) Industrial Development Centre in Idu, Abuja.
In a statement shared on Wednesday through presidential spokesperson Bayo Onanuga, Tinubu said the initiative represents a significant step toward strengthening Nigeria’s Micro, Small and Medium Enterprises (MSMEs), which remain the backbone of the country’s economy.
According to the President, the centre will provide entrepreneurs with critical resources often lacking in the early stages of business development, including modern workspaces, digital infrastructure, business incubation programmes, training opportunities and enterprise support services.
The facility is expected to directly support at least 500 entrepreneurs, 400 start-up companies and 1,500 MSMEs in its first phase. Of the total investment, approximately $5.9 million will be dedicated to construction, while $6.1 million will fund equipment procurement and entrepreneurship development programmes.
Tinubu noted that while many Nigerians possess innovative ideas and the determination to succeed, access to technology, professional guidance, funding opportunities and modern business facilities remains a major challenge.
He said the new centre would help bridge those gaps by creating an environment where entrepreneurs can transform ideas into sustainable enterprises.
“Small businesses are a vital part of our economy. They create jobs, support livelihoods and drive economic activity across communities. This centre will provide the support many entrepreneurs need to grow and succeed,” the President stated.
Beyond Abuja, the centre is expected to serve entrepreneurs and businesses from neighbouring cities and states, including Kaduna, Jos, Keffi, Lafia, Minna, Makurdi and Lokoja, making it a key hub for enterprise development across Northern Nigeria.
Tinubu reaffirmed his administration’s commitment to creating a more supportive environment for businesses, stressing that expanding opportunities for entrepreneurs remains central to the government's economic agenda.
He said efforts would continue to focus on helping Nigerians establish new businesses, scale existing ventures and create employment opportunities for others.
The President added that the project aligns with broader government initiatives aimed at promoting digital skills, entrepreneurship, innovation and MSME development nationwide.
One of the unique features of the entrepreneurship centre is its focus on inclusion. The facility has been designed to accommodate women and persons with disabilities through accessible infrastructure, while women entrepreneurs with young children will benefit from dedicated crèche services.
As construction progresses, SMEDAN, KOICA and the United Nations Development Programme (UNDP) are expected to collaborate with universities, business incubators, financial institutions, private-sector organisations and entrepreneur networks to build a comprehensive support system around the centre and identify beneficiaries for its programmes.
Tinubu expressed appreciation to the Government of the Republic of Korea for financing the project and praised KOICA, UNDP and SMEDAN for advancing the initiative to the construction phase.
He emphasized that Nigeria remains open to investments and partnerships that promote enterprise development, strengthen local businesses and expand employment opportunities.
According to the President, the country's economic future depends significantly on the success of its entrepreneurs, adding that sustained support for businesses will be essential to achieving long-term growth and prosperity.
“Our economy becomes stronger when Nigerian businesses are able to start, survive and expand. We must continue creating opportunities that empower entrepreneurs and strengthen enterprise across the nation,” he said.
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