President Bola Tinubu has welcomed the establishment of the $12 million Abuja Centre for Entrepreneurship (ACE), describing the initiative as a significant step towards strengthening Nigeria’s Micro, Small and Medium Enterprises (MSME) ecosystem and supporting business growth.
Presidential spokesman, Bayo Onanuga, disclosed this in a statement issued on Wednesday in Abuja.
The centre, funded by the Republic of Korea through the Korea International Cooperation Agency (KOICA), is being developed at the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) Industrial Development Centre in Idu, Abuja.
The project is being implemented in partnership with the Federal Government, through SMEDAN, and the United Nations Development Programme (UNDP).
According to the statement, ACE will provide modern facilities, technology, training, incubation and enterprise support to aspiring entrepreneurs, start-ups and growing businesses.
The centre is expected to support 500 entrepreneurs, 400 start-ups and 1,500 MSMEs. Of the $12 million investment, $5.9 million has been allocated to construction, while $6.1 million will fund equipment and programmes.
Tinubu said small businesses remained critical to Nigeria’s economy because of their contribution to employment, household incomes and economic activities across communities.
“Small businesses are an important part of our economy. They employ people, support families and create activity in communities across the country,” the President said.
He noted that while many Nigerian entrepreneurs possess innovative ideas and determination, they often require better access to facilities, technology, training and other forms of support to build sustainable businesses.
According to him, ACE will help address some of these challenges by providing workspaces, digital facilities, training, incubation and enterprise development services.
The President said the centre would serve entrepreneurs and businesses in Abuja and neighbouring cities, including Kaduna, Jos, Keffi, Lafia, Minna, Makurdi and Lokoja.
Tinubu reaffirmed the Federal Government’s commitment to creating an enabling environment for MSMEs to expand, compete and generate employment.
“We want more Nigerians to be able to start businesses, grow them and employ others,” he said.
He added that the facility was designed to accommodate women and persons with disabilities, with accessible infrastructure and crèche services for women with young children.
While construction continues, SMEDAN, KOICA and UNDP are expected to collaborate with universities, business incubators, financial institutions and private-sector organisations to develop a broader entrepreneurship support network.
Tinubu thanked the Republic of Korea for the $12 million investment and commended KOICA, UNDP and SMEDAN for their roles in 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,” the President said.
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