Tinubu welcomes $12m Abuja entrepreneurship centre to support MSMEs

President Bola Ahmed Tinubu has welcomed the construction of the $12 million Abuja Centre for Entrepreneurship, saying the facility will strengthen Nigeria’s micro, small and medium enterprises (MSMEs) ecosystem and help businesses grow and create jobs.The Abuja Centre for Entrepreneurship (ACE) is being developed at the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) Industrial Development Centre in Idu, Abuja.

The project is funded by 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).The centre is expected to provide facilities, technology, training and enterprise support for aspiring entrepreneurs, start-ups and growing businesses.

According to the Presidency, the initial target is to support 500 entrepreneurs, 400 start-ups and 1,500 MSMEs.About $5.9 million of the funding will be used for construction, while $6.1 million will cover equipment and programmes for entrepreneurs and businesses.President Tinubu said the centre would help businesses establish, strengthen and expand their operations.

“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,” the President said.

Centre to support businesses beyond Abuja

The ACE will include workspaces, digital facilities, training, incubation and enterprise support for entrepreneurs, start-ups and growing businesses.The facility is expected to serve businesses in Abuja and surrounding cities, including Kaduna, Jos, Keffi, Lafia, Minna, Makurdi and Lokoja.The Presidency said the project is also expected to contribute to the development of the entrepreneurship and MSME ecosystem across Northern Nigeria.

President Tinubu said the Federal Government would continue to create conditions that would enable small businesses to grow and compete.“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 President said the project complements the administration’s investments in digital skills, entrepreneurship, enterprise development and support for MSMEs.

Focus on women, persons with disabilities

The centre has also been designed to accommodate women and persons with disabilities.It will include 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 wider support system around the centre.

The partners will also identify businesses that could benefit from its programmes.

President Tinubu thanked the South Korean government for the $12 million investment and commended KOICA, UNDP and SMEDAN for advancing the project to the construction stage.He said Nigeria would continue to welcome investments and partnerships aimed at strengthening local businesses, developing enterprises and creating jobs.

“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,” President Tinubu said.