The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) is targeting the creation of 100 millionaire entrepreneurs through business development training and financial grants aimed at strengthening small businesses and driving economic growth.

The initiative is expected to promote enterprise development, encourage wealth creation and improve the ability of small businesses to expand their operations and generate employment.

The programme will be featured at the 2026 GROW Nigerian Conference, scheduled for November 8 to 10 at the Ecobank Pan African Centre, Victoria Island, Lagos.

With the theme “GROW Nigerian: The Next Frontier for Innovation, Policy and Market Access”, the conference aims to connect entrepreneurs with essential business skills, funding opportunities, market access and institutional support needed to establish and grow sustainable enterprises.

SMEDAN Director-General and Chief Executive Officer, Charles Odii, emphasised that providing entrepreneurs with financial assistance must go hand in hand with practical business knowledge to achieve meaningful economic outcomes.

He explained that while many Nigerians possess the skills needed to start businesses, financial limitations prevent them from purchasing equipment and other essential resources. Existing businesses, meanwhile, often struggle with pricing, customer acquisition and effective management.

“For someone who has learnt a skill but cannot afford the tools to begin, access to capital can change their prospects. For an existing business, knowing how to price properly, attract customers and manage money can determine whether that capital produces growth,” Odii said.

According to the SMEDAN chief executive, the agency intends to provide entrepreneurs with the financial resources, practical knowledge and business connections required to establish sustainable enterprises, improve livelihoods and create employment opportunities.

He described the target of creating 100 millionaires as an effort to address the different challenges facing aspiring and existing business owners.

“Our ambition to create 100 millionaires brings these needs together. We want entrepreneurs to leave the conference with useful skills, financial support and connections that help them build businesses capable of sustaining livelihoods and employing others,” he said.

Odii disclosed that additional financing opportunities would be made available through the initiative, with grant disbursements planned for the Lagos conference and a separate event in northern Nigeria.

He further confirmed that the final presentations and prize awards at the Lagos conference would be held on November 10.

Beyond business development and financial support, the SMEDAN director-general urged Nigerians to increase their patronage of locally manufactured products, particularly as the festive season approaches.

He encouraged consumers to purchase directly from Nigerian businesses as a way of supporting entrepreneurs and strengthening local enterprises.

“We are inviting people to come and shop Nigerian. As you prepare for the festive season, there is an opportunity to discover something new, buy directly from local businesses and help an entrepreneur finish the year stronger,” he said.

The three-day conference will also host practical sessions covering event management, beauty and makeup artistry, strategies for building a beauty business and the application of artificial intelligence in marketing.

Participants are expected to gain practical experience through demonstrations and direct engagement with facilitators.

Source: Voice of Nigeria (VON)