President Tinubu Welcomes Korea-Backed $12m Entrepreneurship Centre in Abuja
...Says It Will Support 2,400 Businesses
President Bola Tinubu has welcomed the commencement of construction of a $12 million Abuja Centre for Entrepreneurship, describing the project as an important investment in strengthening Nigeria’s Micro, Small, and Medium Enterprises (MSME) ecosystem.
The centre is being developed at the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) Industrial Development Centre in Idu, Abuja, with support from the Republic of Korea through the Korea International Cooperation Agency (KOICA), in partnership with SMEDAN and the United Nations Development Programme (UNDP).
President Tinubu stated that the centre will provide entrepreneurs, start-ups, and growing businesses with access to workspaces, digital infrastructure, training, incubation, and other forms of business support.
He disclosed that the initiative would initially support 500 aspiring entrepreneurs, 400 start-ups, and 1,500 MSMEs, bringing the number of intended beneficiaries to 2,400.
Tinubu explained that the investment was aimed at addressing some of the challenges that often prevent business ideas from developing into viable enterprises.
“Across Nigeria, there are people with ideas, skills, and the ambition to build businesses of their own,” the President acknowledged.
He noted that access to appropriate tools, workspace, technology, training, finance, and business support could make a significant difference in helping businesses survive, expand, and create employment.
The President stressed that investments such as the entrepreneurship centre were important to the Federal Government’s efforts to strengthen enterprise development, deepen the digital economy, and expand economic opportunities for Nigerians.
Of the total $12 million project cost, about $5.9 million will be spent on construction, while $6.1 million will be allocated to equipment and programmes designed to support entrepreneurs and businesses.
Tinubu expressed appreciation to the Government of the Republic of Korea, KOICA, UNDP, and SMEDAN for their contributions towards the project.
He also reaffirmed the Federal Government’s commitment to working with development partners willing to invest in Nigerian enterprises and support the development of sustainable business capacity in the country.
He added that his administration wanted to see more Nigerians turn viable ideas into strong businesses that could create jobs and compete successfully in both the Nigerian and international markets.
