President Bola Ahmed Tinubu has thrown his weight behind the development of a $12 million Abuja Centre for Entrepreneurship, ACE, describing the initiative as a significant investment in the businesses and entrepreneurs expected to drive job creation and economic activity across Nigeria.
Located at the SMEDAN Industrial Development Centre in Idu, Abuja, the facility is being developed with funding from the Republic of Korea through the Korea International Cooperation Agency, KOICA, in partnership with the Federal Government through the Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, and the United Nations Development Programme, UNDP.
Rather than serving merely as another training facility, ACE is designed to bring several forms of business support under one roof, including workspaces, digital facilities, enterprise training, incubation and technology-driven assistance for people starting businesses as well as existing enterprises seeking to expand.
According to a statement issued on Wednesday by Bayo Onanuga, Special Adviser to the President on Information and Strategy, the centre is expected to initially support 500 entrepreneurs, 400 start-ups and 1,500 micro, small and medium enterprises.
About $5.9 million of the investment will be committed to construction, while another $6.1 million will be spent on equipment and programmes intended to support entrepreneurs and businesses.
For millions of Nigerians trying to keep businesses alive amid rising operating costs and difficult economic conditions, the significance of such an intervention lies not only in the physical structure being built, but in whether it can make practical business support easier to access.
A 2025 nationwide MSME survey cited by Miva Open University found that more than 86 per cent of respondents identified inflation and rising operating costs as their biggest business challenge.
The International Monetary Fund has similarly noted that many Nigerians continue to face difficult economic conditions, with higher food and fuel costs posing additional pressure on households and businesses.
Against that backdrop, access to modern facilities, digital tools, business knowledge, mentoring and enterprise development support could help some businesses improve productivity rather than simply struggle with day-to-day survival.
President Tinubu said the government’s objective was to create an environment where more Nigerians could establish businesses, expand existing ventures and employ other people.
“Small businesses are an important part of our economy. They employ people, support families and create activity in communities across the country,” the President said, according to the statement.
He added that many entrepreneurs already possess the ideas and determination required to succeed but often lack access to facilities, technology, training and other forms of support necessary to move their businesses forward.
ACE is also expected to serve entrepreneurs beyond Abuja, with the project designed to support businesses in surrounding cities including Kaduna, Jos, Keffi, Lafia, Minna, Makurdi and Lokoja.
That regional dimension could make the centre more significant if its programmes are connected effectively to entrepreneurs outside the Federal Capital Territory, particularly businesses that have viable products but struggle to access markets, technology, formal financing or professional business development services.
SMEDAN has increasingly been pursuing a similar grassroots approach. On September 21, the agency signed a partnership with the Association of Local Governments of Nigeria to extend enterprise support, financing opportunities, training and business development programmes across the country’s 774 local government areas.
The agency also runs programmes covering business skills, access to finance, market opportunities, cluster development and support for nano and micro enterprises.
Women and persons with disabilities are specifically included in the design of ACE, with accessible facilities and crèche services for women with young children.
This could remove some of the practical barriers that prevent otherwise capable entrepreneurs from participating fully in business training and enterprise programmes.
President Tinubu said the project complements the administration’s wider investments in digital skills, entrepreneurship, enterprise development and MSME support.
“We want more Nigerians to be able to start businesses, grow them and employ others,” he said. “We also want existing small businesses to have better access to the tools and support they need to become stronger and more productive.”
For citizens, the potential benefit extends beyond those who secure direct access to the centre. If supported businesses expand their production, employ more workers and develop stronger links with suppliers and markets, the impact could spread through families and local economies.
A successful entrepreneurship ecosystem can also help shift the conversation from simply creating jobs to creating businesses capable of creating additional jobs themselves.
SMEDAN’s existing programmes similarly emphasise capacity building, market access, financing and business expansion as tools for sustainable enterprise development.
However, the effectiveness of ACE will ultimately depend on what happens beyond construction.
Entrepreneurs will need transparent access to its programmes, practical training, affordable financing links, reliable digital infrastructure, market opportunities and sustained mentorship if the investment is to translate into durable businesses.
To build that wider ecosystem, SMEDAN, KOICA and UNDP are expected to work with universities, incubators, financial institutions, private-sector organisations and entrepreneur networks while construction continues.
President Tinubu thanked the South Korean government for the investment and commended KOICA, UNDP and SMEDAN for advancing the project.
He said Nigeria would continue to welcome partnerships capable of strengthening local businesses, promoting enterprise development and creating employment opportunities.
“Our economy will be stronger when more Nigerian businesses can start, survive and grow,” Tinubu said.
The $12 million centre therefore arrives at a time when the question facing many Nigerian entrepreneurs is not simply whether they have business ideas, but whether they can obtain the skills, infrastructure, technology, finance and market connections required to turn those ideas into sustainable enterprises.
If ACE succeeds in providing that missing bridge, its value could ultimately be measured not by the size of its building or the amount invested in it, but by the number of businesses that survive, expand and go on to provide livelihoods for other Nigerians.
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