KEY POINTS
- President Bola Tinubu has welcomed the $12 million Abuja Centre for Entrepreneurship.
- The centre is funded by South Korea through KOICA and being developed with SMEDAN and UNDP.
- It will provide workspace, technology, training, incubation and enterprise support.
- The project targets 500 entrepreneurs, 400 start ups and 1,500 MSMEs.
MAIN STORY
President Bola Tinubu has welcomed the development of the $12 million Abuja Centre for Entrepreneurship (ACE), saying the facility will strengthen support for micro, small and medium enterprises and help more Nigerian businesses grow.
The project is being funded by the Republic of Korea through the Korea International Cooperation Agency (KOICA) and is under development at the SMEDAN Industrial Development Centre in Idu, Abuja.
It 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).
Presidential Spokesperson, Mr Bayo Onanuga, disclosed this in a statement on Wednesday in Abuja.
According to the statement, ACE will provide facilities, digital technology, training, incubation and enterprise support for aspiring entrepreneurs, start ups and established businesses seeking to expand.
The centre is expected to serve 500 entrepreneurs, 400 start ups and 1,500 MSMEs. Of the $12 million investment, $5.9 million is allocated to construction, while $6.1 million will fund equipment and programmes.
Tinubu said the facility would address some of the support gaps faced by entrepreneurs seeking to establish and expand businesses.
“Small businesses are an important part of our economy. They employ people, support families and create activity in communities across the country,” he said.
He said many entrepreneurs had the ideas and determination to build businesses but lacked adequate access to facilities, technology, training and other forms of support.
According to him, ACE would provide some of these resources while strengthening the wider ecosystem around entrepreneurs.
“ACE will provide workspaces, digital facilities, training, incubation and enterprise support for entrepreneurs, start-ups and growing businesses.
“The centre will serve businesses in Abuja and surrounding cities, including Kaduna, Jos, Keffi, Lafia, Minna, Makurdi and Lokoja.”
The President said the Federal Government would continue to create conditions that allow small businesses to expand, compete and generate employment.
The facility is also designed to improve access for women and persons with disabilities, with accessible facilities and crèche services for women with young children.
While construction continues, SMEDAN, KOICA and UNDP will work with universities, incubators, financial institutions and private sector organisations to establish a broader support network around the centre.
Tinubu thanked the Korean Government for the $12 million investment and commended KOICA, UNDP and SMEDAN for their roles in advancing the project.
THE ISSUES
- The centre is designed to address practical support needs faced by entrepreneurs by combining workspace, technology, training, incubation and enterprise support in one facility.
- Its target covers entrepreneurs at different stages, from people seeking to establish businesses to start ups and existing MSMEs looking to grow.
- The project also extends its intended reach beyond Abuja, with businesses in Kaduna, Jos, Keffi, Lafia, Minna, Makurdi and Lokoja listed among those the centre will serve.
- The inclusion of accessible facilities and crèche services is intended to improve participation by persons with disabilities and women with young children.
WHAT’S BEING SAID
“We want more Nigerians to be able to start businesses, grow them and employ others.” – President Bola Tinubu
“The centre is designed to accommodate women and persons with disabilities, with accessible facilities and crèche services for women with young children.” – President Bola Tinubu
“Our economy will be stronger when more Nigerian businesses can start, survive and grow. We must keep building the support around them.” – President Bola Tinubu
WHAT’S NEXT
Construction of the centre will continue while SMEDAN, KOICA and UNDP work with universities, incubators, financial institutions and private sector organisations to develop a wider support system around the facility.
BOTTOM LINE
The $12 million Abuja Centre for Entrepreneurship is being developed to give entrepreneurs and MSMEs access to facilities, technology, training and business support. The project is expected to serve businesses in Abuja and several surrounding cities.
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