Nigeria needs more investment-ready startups to unlock available capital – SMEDAN
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has said the country must focus on building more investment-ready startups to unlock the growing pool of capital available for entrepreneurs, noting that while funding opportunities exist, there are not enough scalable businesses capable of attracting investors.
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has said the country must focus on building more investment-ready startups to unlock the growing pool of capital available for entrepreneurs, noting that while funding opportunities exist, there are not enough scalable businesses capable of attracting investors.
Charles Odii, Director General and Chief Executive Officer of SMEDAN, made the assertion at the commencement of the Abuja Centre for Entrepreneurship (ACE) Project’s two-week Training of Trainers programme in Abuja.
Odii, who was represented by Onesi-Lawani, Director of the DG’s Office, Onesi-Lawani, said the initiative was designed to produce a new generation of certified entrepreneurship trainers who would equip young Nigerians with the skills needed to build innovative, technology-driven and globally competitive businesses.
This was disclosed in a statement signed by Moshood Lawal, Head, Corporate Affairs Unit
Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) on Monday.
According to him, the programme is expected to strengthen Nigeria’s entrepreneurship ecosystem by developing trainers capable of nurturing entrepreneurs to leverage technology, innovation and creativity in building scalable, investment-ready enterprises.
He disclosed that the call for applications for the programme attracted more than 1,100 entries, after which the Project Management Consortium shortlisted 80 candidates across the Business Management and Artificial Intelligence tracks. Following another round of interviews, 30 participants were selected for the intensive two-week training.
He said the selected participants would become ACE-certified trainers responsible for mentoring young Nigerians and supporting the development of businesses capable of attracting local and international investment.
“There is significant funding available for startups in Nigeria, but we do not have enough investment-ready businesses that can access that capital,” he said
Odii urged the participants to concentrate on building entrepreneurs with the capacity to create globally competitive and scalable enterprises.
He identified fintech, agritech, healthtech, logistics and mobility, as well as the creative economy, including digital media, fashion, gaming, animation and film as sectors with significant opportunities for innovation and business growth.
He noted that Nigeria remains Africa’s leading startup destination and is home to five of the continent’s eight unicorns, stressing that the country has the potential to produce many more globally successful companies.
The SMEDAN chief challenged the participants to become catalysts for transforming Nigerian youths into globally competitive entrepreneurs capable of building billion-dollar enterprises and contributing to the country’s ambition of becoming one of the world’s top 10 economies.
He expressed confidence that the training would deepen participants’ commitment to the objectives of the ACE Project while strengthening Nigeria’s entrepreneurship and innovation ecosystem.
The Abuja Centre for Entrepreneurship is a strategic initiative of SMEDAN implemented in partnership with the Korea International Cooperation Agency (KOICA). The project seeks to strengthen Nigeria’s entrepreneurship ecosystem through entrepreneurship education, digital innovation, business incubation and acceleration, institutional capacity development and policy support.
According to the agency, the project is aimed at identifying and supporting young Nigerians with innovative ideas and high-growth potential by equipping them with the knowledge, technical skills, mentorship and networks required to build scalable and globally competitive enterprises.
