Tinubu welcomes $12m Korean-funded entrepreneurship centre in Abuja
President Bola Tinubu
Abdullateef Fowewe
President Bola Tinubu has welcomed the construction of a $12 million Abuja Centre for Entrepreneurship (ACE), describing it as a boost to Nigeria’s micro, small and medium enterprises (MSME) ecosystem that will help more businesses grow, create jobs and expand economic activity.
This was revealed in a statement on Wednesday by Bayo Onanuga, Special Adviser to the President on Information & Strategy.
The centre, funded by the Republic of Korea through the Korea International Cooperation Agency (KOICA), is being developed at the SMEDAN Industrial Development Centre in Idu, Abuja.
It is a partnership involving the Federal Government through the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the United Nations Development Programme (UNDP).
About $5.9 million of the funding will go towards construction, while $6.1 million will cover equipment and programmes.
The facility is designed to provide workspaces, digital tools, training, incubation and enterprise support, with an initial target of 500 entrepreneurs, 400 start-ups and 1,500 MSMEs.
President Tinubu said small businesses form a vital part of the economy.
“Small businesses are an important part of our economy. They employ people, support families and create activity in communities across the country,” he stated.
He added that many entrepreneurs already possess the ideas and determination needed to succeed but often lack adequate support.
“What they often need is better access to facilities, technology, training and the support that can help their businesses grow. This Centre will provide more of that support and strengthen the ecosystem around them,” the President said.
The centre will serve businesses in Abuja and surrounding cities including Kaduna, Jos, Keffi, Lafia, Minna, Makurdi and Lokoja, contributing to a stronger entrepreneurship ecosystem across Northern Nigeria.
It has been designed to be inclusive, with accessible facilities for persons with disabilities and crèche services for women with young children.
Tinubu thanked the Government of the Republic of Korea for the investment and commended KOICA, UNDP and SMEDAN for advancing the project to the construction stage.
He noted that the initiative complements the administration’s broader efforts in digital skills, entrepreneurship, and MSME support.
“We want more Nigerians to be able to start businesses, grow them and employ others. We also want existing small businesses to have better access to the tools and support they need to become stronger and more productive. That is important for jobs, incomes and the wider economy,” the President said.
