President Bola Ahmed Tinubu on Tuesday welcomed the construction of the $12 million Abuja Centre for Entrepreneurship in Idu, saying the project will strengthen Nigeria’s MSME ecosystem and help more businesses grow, create jobs and expand economic activity.
According to a statement from the Presidency, the Centre is being funded by the Republic of Korea through the Korea International Cooperation Agency, KOICA. It is being developed at the SMEDAN Industrial Development Centre in Idu, Abuja, in partnership with the Federal Government through the Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, and the United Nations Development Programme, UNDP.
President Tinubu said the facility aligns with his administration’s commitment to support small businesses, which he described as the engine room of the Nigerian economy.
“The establishment of this Centre will provide Nigerian entrepreneurs with modern facilities, training and access to finance. It will equip our youths and MSMEs to compete globally and contribute meaningfully to economic growth,” the President said.
SMEDAN Director General, Dr. Charles Odii, noted that the Centre will offer incubation hubs, training workshops, digital labs and market linkage support for startups across key sectors. He added that the project will also focus on women and youth-led businesses.
In a joint statement, KOICA Country Director and UNDP Resident Representative said the partnership reflects Korea’s commitment to Nigeria’s development agenda and job creation. They said the $12 million investment is part of broader efforts to transfer technical skills and promote entrepreneurship in Africa.
The Federal Government has identified MSMEs as critical to reducing unemployment and diversifying the economy away from oil. Data from SMEDAN shows that MSMEs contribute over 40% to Nigeria’s GDP and account for more than 80% of total employment.
Meanwhile, construction of the Abuja Centre for Entrepreneurship is expected to be completed within 24 months. Officials said beneficiaries will be selected across the 36 states and the FCT once operations begin.
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