Korea-Funded Centre Targets 500 Entrepreneurs, 400 Start-Ups and 1,500 MSMEs
President Bola Tinubu has welcomed the construction of the $12 million Abuja Centre for Entrepreneurship (ACE), saying the project will strengthen Nigeria’s MSME ecosystem, support business growth and create jobs.
The centre is being developed at the SMEDAN Industrial Development Centre in Idu, Abuja, with funding from the Republic of Korea through the Korea International Cooperation Agency (KOICA), in partnership with the Federal Government through SMEDAN and the United Nations Development Programme (UNDP).
ACE is expected to provide training, workspaces, digital facilities, incubation and enterprise support for aspiring entrepreneurs, start-ups and growing businesses.
The project has an initial target of supporting 500 entrepreneurs, 400 start-ups and 1,500 MSMEs.
About $5.9 million of the investment will fund construction, while $6.1 million will be used for equipment and entrepreneurship programmes.
President Tinubu said the centre would help entrepreneurs access facilities, technology, training and other support needed to establish and grow their businesses.
The centre will serve businesses in Abuja and surrounding cities, including Kaduna, Jos, Keffi, Lafia, Minna, Makurdi and Lokoja, while contributing to the development of the wider entrepreneurship and MSME ecosystem in Northern Nigeria.
The President said the Federal Government would continue to create conditions that enable small businesses to grow, become more productive and employ more Nigerians.
The facility is also designed to accommodate 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, private-sector organisations and entrepreneur networks to develop a broader support system around the centre.
President Tinubu thanked the South Korean Government for the investment and commended KOICA, UNDP and SMEDAN for advancing the project.
He said partnerships that strengthen local businesses, expand enterprise development and create jobs would continue to receive government support.