The Federal Government, in partnership with the Republic of Korea and the United Nations Development Programme (UNDP), has commenced construction of the $12 million Abuja Centre for Entrepreneurship (ACE), a facility designed to turn innovative ideas into viable businesses and create jobs for young Nigerians
The groundbreaking ceremony was held on Thursday at the headquarters of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) in Abuja, marking the transition of the project from planning to physical construction
The Vice President, Kashim Shettima, represented by his Special Adviser on General Duties, Dr Aliyu Modibbo Umar, said the centre would address some of the support gaps that cause promising business ideas to fail.
“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.
Shettima said ACE would provide entrepreneurs with business education, technical expertise, mentorship, incubation and acceleration support, particularly in areas such as fintech, agri-tech and health-tech
He said participants would be trained to test business ideas, understand customers, price products, manage cash flows and develop governance and financial systems capable of attracting investment
The Vice President also stressed the importance of digital skills and artificial intelligence in preparing Nigerian entrepreneurs for the global economy
“Nigeria’s ambitions cannot be limited to consuming technology conceived elsewhere Our young people must design it themselves, own the companies that develop it and earn from markets beyond our shores,” he said.
He added that the government hoped to nurture “Nigeria’s next generation of unicorns” start-ups valued at about $1 billion or more
The Director-General of SMEDAN, Charles Odii, said the project was aligned with the agency’s GROW Nigerian Strategy, which prioritises skills development, access to finance and markets, and productive infrastructure
“The Abuja Centre for Entrepreneurship gives that commitment a physical home,” Odii said, adding that the facility would provide entrepreneurs with access to workspaces and specialist facilities they might struggle to establish independently
UNDP Resident Representative, Elsie Attafuah, said ACE would help translate Nigeria’s large youth population into sustainable businesses and decent jobs
She noted that more than 75 million Nigerians are aged between 15 and 35, but young people and MSMEs continue to face barriers including limited access to finance, digital infrastructure, business support and innovation spaces
KOICA Nigeria Country Director, Kim Eunsub, said the project represented Korea’s investment in Nigeria’s innovation, entrepreneurship and MSME ecosystem
“The Abuja Centre for Entrepreneurship is a concrete expression of the strong and growing partnership between Korea and Nigeria,” he said
The centre is expected to support 500 prospective young entrepreneurs and 400 start-ups in fintech, edtech, healthtech and agritech, while providing wider support to MSMEs in Abuja and surrounding areas