The Nigerian Government, the Republic of Korea and the United Nations Development Programme (UNDP) have commenced construction of the $12 million Abuja Centre for Entrepreneurship (ACE), a facility aimed at helping young Nigerians transform innovative ideas into viable businesses and generate employment.

The project moved from the planning stage to physical construction following its groundbreaking ceremony at the headquarters of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) in Abuja.

Representing Vice President Kashim Shettima at the ceremony, his Special Adviser on General Duties, Dr Aliyu Modibbo Umar, said the centre would address gaps in the support available to entrepreneurs whose promising ideas often fail to develop into sustainable businesses.

He explained that a lack of access to the necessary support, knowledge and resources leads some founders to abandon ideas that could otherwise create employment opportunities.

“Even an idea capable of employing 1,000 people is abandoned because its originator cannot find support. Every such loss deprives families of income, communities of opportunity, and our country of progress,” he said.

According to Shettima, ACE will offer business education, technical expertise, mentorship, incubation and acceleration services, with particular attention to entrepreneurs operating in sectors such as fintech, agri-tech and health-tech.

Entrepreneurs using the facility will be supported to test and improve their business ideas, gain a better understanding of their customers, establish appropriate pricing, manage cash flows, and develop governance and financial systems capable of improving their prospects of attracting investment.

The Vice President also highlighted the role of digital skills and artificial intelligence in equipping Nigerian entrepreneurs for participation in the global economy.

He said young Nigerians should move beyond being consumers of technologies developed in other countries and be enabled to create technology, build businesses and reach international markets.

The government also expects ACE to contribute to the emergence of high-growth startups, including businesses capable of scaling into billion-dollar companies.

SMEDAN Director-General, Charles Odii, said the project is consistent with the agency’s GROW Nigerian Strategy, which prioritises skills development, access to finance and markets, as well as productive infrastructure for businesses.

Odii said the centre would give entrepreneurs access to workspaces and specialised facilities that could be difficult for many early-stage businesses to develop on their own.

“The Abuja Centre for Entrepreneurship gives that commitment a physical home,” Odii said.

UNDP Resident Representative, Elsie Attafuah, said the project would help convert Nigeria’s large youth population into sustainable businesses and decent employment opportunities.

She noted that more than 75 million Nigerians are aged between 15 and 35, while young people and micro, small and medium-sized enterprises (MSMEs) continue to encounter obstacles such as limited access to finance, digital infrastructure, business support and innovation spaces.

The Korean Ambassador, Jeong Yo-an, said the Korea International Cooperation Agency (KOICA) had played a role in turning cooperation between Nigeria and South Korea into practical development initiatives.

He said the Abuja Centre for Entrepreneurship showed how bilateral cooperation could contribute to skills development, business creation and community development.

ACE is expected to directly support 500 prospective young entrepreneurs and 400 startups working in fintech, edtech, healthtech and agritech.

The facility will also extend support beyond its direct beneficiaries to MSMEs in Abuja and surrounding areas. This broader support is expected to provide access to business development resources, innovation infrastructure and specialist expertise.

As construction begins, the centre is being developed as a physical ecosystem where entrepreneurs can develop ideas, strengthen business models and acquire the technical and commercial skills needed to progress from early concepts to viable enterprises.

The initiative brings together Nigerian government institutions, development partners and international stakeholders around entrepreneurship infrastructure, with the wider objective of strengthening the capacity of young Nigerians and MSMEs to establish sustainable businesses and participate in the digital and innovation-driven economy.

Source: TechAfricanews