Tinubu Welcomes $12m Abuja Entrepreneurship Centre to Boost MSMEs

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) ecosystem and create more opportunities for businesses to grow.

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).

ACE is designed to provide workspaces, digital facilities, training, incubation and enterprise support for entrepreneurs, start-ups and growing businesses.

The project is expected to initially support 500 entrepreneurs, 400 start-ups and 1,500 MSMEs, with businesses in Abuja and surrounding cities also expected to benefit.

According to the President, the Centre will help entrepreneurs gain better access to facilities, technology, training and other support needed to establish and expand their businesses.

“Small businesses are an important part of our economy. They employ people, support families and create activity in communities across the country.

“Many entrepreneurs already have the ideas and the determination to succeed. What they often need is better access to facilities, technology, training and the support that can help their businesses grow.

“This Centre will provide more of that support and strengthen the ecosystem around them,” Tinubu said.

The $12 million investment includes about $5.9 million for construction, while $6.1 million will be spent on equipment and programmes for entrepreneurs and businesses.

The Centre will also serve entrepreneurs across parts of Northern Nigeria, including Kaduna, Jos, Keffi, Lafia, Minna, Makurdi and Lokoja.

Tinubu said his administration would continue to create conditions that enable small businesses to grow, employ more Nigerians and contribute to the wider economy.

“We want more Nigerians to be able to start businesses, grow them and employ others.

“We also want existing small businesses to have better access to the tools and support they need to become stronger and more productive.

“That is important for jobs, incomes and the wider economy,” he said.

The facility will also incorporate accessible infrastructure for persons with disabilities and crèche services for women with young children. The project partners are expected to work with universities, incubators, financial institutions, private-sector organisations and entrepreneur networks to build a wider support system around the Centre.

The groundbreaking for ACE was held at SMEDAN’s Idu Industrial Development Centre in Abuja, marking the transition of the project from planning to physical construction.

Tinubu thanked the South Korean government for the investment and commended KOICA, UNDP and SMEDAN for advancing the project.

“Our economy will be stronger when more Nigerian businesses can start, survive and grow.

“We must keep building the support around them and opening more opportunities for enterprise across the country,” the President said.