Abuja: Vice-President Kashim Shettima has affirmed the Federal Government’s dedication to funding its priority projects, highlighting the Abuja Centre for Entrepreneurship (ACE) as a significant initiative. Shettima, represented by his Special Adviser on General Duties, Sen. Aliyu Modibbo, made this announcement during the Groundbreaking Ceremony of ACE in Abuja.
According to News Agency of Nigeria, the Vice-President emphasized that the ACE is in alignment with the government’s Renewed Hope Agenda, aiming to tackle unemployment and create productive opportunities for young Nigerians. The expansion of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the establishment of ACE are testaments to the administration’s commitment to fostering entrepreneurship and enterprise development.
Shettima outlined the government’s ambition to empower young people in sectors such as FinTech, AgriTech, and HealthTech, with the objective of developing businesses that support traders, farmers, and other economic actors. He stated, “Our ambition is to make the youth employers of thousands, creators of lasting value and sources of national pride.”
Commending the efforts of SMEDAN, the Republic of Korea, Korea International Cooperation Agency (KOICA), United Nations Development Programme (UNDP), and other partners in advancing the ACE project, Shettima affirmed Nigeria’s capability to fund its priorities. He described ACE as a major effort by the Federal Government to bolster entrepreneurship.
The Vice-President urged entrepreneurs who have undergone training to justify the investment by building trustworthy enterprises and fulfilling their obligations. He advised beneficiaries to remain patient and committed to building sustainable businesses, asserting that the success of ACE depends on the businesses and opportunities generated through it.
Ms Elsie Attafuah, UNDP Resident Representative in Nigeria, highlighted the potential of ACE to transform Nigeria’s demographic advantage into sustainable businesses and decent jobs. She emphasized that partnerships like the ACE project are most valuable when they align with national priorities and strengthen institutions.
Attafuah noted that Nigeria’s youthful population, with over 75 million individuals aged between 15 and 35, represents a significant potential driver of economic transformation. However, young people and MSMEs face barriers such as limited access to finance, digital infrastructure, and business support. ACE aims to address these challenges by providing dedicated platforms for entrepreneurship development and innovation.
The centre is expected to support 500 young Nigerian entrepreneurs and 400 start-ups in various sectors, including FinTech, EdTech, HealthTech, and AgriTech. It will offer facilities such as time-share offices, training spaces, and incubation centers to support entrepreneurs at different stages.
Attafuah detailed that ACE will connect entrepreneurs with governmental and private-sector institutions in areas like business registration, digital innovation, and investment. The center’s design emphasizes inclusion and sustainability, featuring accessibility for persons with disabilities and incorporating green design principles.
UNDP, SMEDAN, and KOICA plan to cultivate an active entrepreneurship ecosystem around ACE by engaging incubators, universities, and financial institutions. They aim to develop an ACE Incubation Pipeline to facilitate programs during construction and contribute to the center’s first intake.
The ACE project, funded by KOICA with a contribution of 12 million dollars, is being developed at SMEDAN’s Idu Industrial Development Centre in Abuja. It is expected to enhance entrepreneurship, innovation, skills development, and inclusive economic opportunities for Nigerian youths and MSMEs.