The Federal Government has partnered with the Republic of Korea and the United Nations Development Programme (UNDP) to develop the $12 million Abuja Centre for Entrepreneurship (ACE), as part of efforts to strengthen Nigeria’s pipeline of start-ups, small businesses and enterprises capable of creating jobs.

The centre is being constructed at the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) Industrial Development Centre in Idu, Abuja. It is expected to offer entrepreneurs access to facilities, technology, training, incubation and enterprise-development services.

President Bola Tinubu welcomed the initiative, stressing the importance of strengthening the capacity of small businesses to increase employment, household incomes and economic activity, according to a statement issued by Presidential Spokesman, Mr Bayo Onanuga.

Funding for the project is being provided by the Republic of Korea through the Korea International Cooperation Agency (KOICA), while the Federal Government is implementing it through SMEDAN in partnership with UNDP.

The $12 million funding package is divided into $5.9 million for construction and $6.1 million for equipment and entrepreneurship programmes.

When fully operational, ACE is expected to support an initial 500 entrepreneurs, 400 start-ups and 1,500 micro, small and medium enterprises (MSMEs). The centre will provide a structured platform for businesses to access infrastructure and technical assistance as they progress from ideas and early-stage operations to sustainable enterprises.

Tinubu said the project was aimed at addressing a significant gap within Nigeria’s entrepreneurship ecosystem.

He said: “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.”

The centre’s reach will extend beyond Abuja to businesses and entrepreneurs in nearby cities, including Kaduna, Jos, Keffi, Lafia, Minna, Makurdi and Lokoja. This is intended to give the facility a broader regional footprint across Northern Nigeria.

ACE will feature workspaces, digital facilities, training, incubation and enterprise-support services. Its partnerships with universities, financial institutions, private-sector organisations, business incubators and entrepreneur networks are also expected to expand the opportunities available to participating businesses.

According to Tinubu, the government’s goal extends beyond encouraging Nigerians to establish new businesses. It also seeks to create an environment in which existing enterprises can remain viable, expand their operations and employ more people.

The project includes measures aimed at increasing participation by women and persons with disabilities. Planned provisions include accessible facilities and crèche services for women with young children.

As construction progresses, SMEDAN, KOICA and UNDP will collaborate with ecosystem partners to identify businesses that could benefit from ACE and design programmes tailored to their specific needs.

Source The Guardian