Mr John Enoh, Minister of State for Industry, says the Abuja Centre for Entrepreneurship (ACE) will be fully functional and operational by December 2027, when completed.
Enoh said this on Thursday in Abuja at the Groundbreaking Ceremony of the ACE under the flagship of the Small And Medium Enterprises Development Agency (SMEDAN)
Newsmen report that the ACE is being funded by the Korea International Cooperation Agency (KOICA), and implemented by United Nations Development Programme (UNDP) targeting young entrepreneurs and startups nationwide.
It is expected to support 500 prospective young entrepreneurs and 400 startups in FinTech, EdTech, HealthTech and AgriTech, while serving MSMEs across Abuja and surrounding northern cities.
The groundbreaking ceremony marked the transition of ACE from planning and site preparation to physical construction,
Enoh described the project as more than a physical structure but an opportunity for entrepreneurs, innovators and businesses across Nigeria to blossom without barriers.
He said the Federal Government had secured the necessary commitment to move the project from groundbreaking to completion, expressing optimism that it would contribute significantly to Nigeria’s continued industrial prosperity and entrepreneurship ecosystem.
“Government is here to build; we are no longer making a promise, we are here to make things happen.
“The centre will provide training, formalisation and investment-readiness support while bringing incubators, investors, financial institutions and entrepreneurs together through an incubation pipeline across sectors and communitiepers.
“It will also reflect inclusion, with provisions for Persons with Disabilities (PWDs) and gender considerations, while its interior will showcase Nigerian creativity, visual arts and cultural expression prominently,” he said.
Enoh said the Federal Government was working on the Nigerian Industrial Cluster Programme to strengthen industrial clusters across the country and create enabling platforms for businesses to grow sustainably nationwide.
He urged incubators, investors and entrepreneurs to enrol as founding collaborators in the ACE Incubation Pipeline, stressing that the groundbreaking marked the beginning of the wider ecosystem nationwide.
He also urged the media to project the centre globally, describing it as an opportunity for Abuja to claim its place within Nigeria’s emerging digital economy and opportunity.
Dr Charles Odii, Director-General of SMEDAN, said the agency was developing a programme designed to extend entrepreneurship development beyond states and reach communities across Nigeria and beyond.
Odii said the initiative was supported by the ministry’s provision of an institute and polytechnic where entrepreneurship training could be offered alongside national diploma qualifications for beneficiaries nationwide in Nigeria.
He said SMEDAN’s industrial development centres across several states were being repositioned as productive hubs, with clusters expected to operate from facilities previously underutilised across the country where needed.
Odii said UNDP had supported the solarisation of the Idu facility, enabling it to operate continuously and attract small businesses, including entrepreneurs from neighbouring countries seeking opportunities and markets nationwide.
He said Nigeria had 39,624 micro, small and medium enterprises, adding that the agency was working to reach them through programmes tailored to their different environments nationwide.
Odii called for increased support for MSMEs, noting that funding available for the sector remained limited compared with the scale of businesses requiring development assistance across Nigeria through sustained funding.
He thanked Korea and its development partners for supporting the project, saying Nigerian and Korean small-business owners can build stronger value chains through continued cooperation, investment and knowledge exchange together.
Ambassador of the Republic of Korea to Nigeria, Yo-an Jeong, described the groundbreaking as an important milestone in the growing partnership between both countries and their shared future for economic cooperation.
Jeong said ACE represented investment in young people, entrepreneurship and innovation, adding that Nigeria’s youth are drivers of the country’s future and need skills, networks and opportunities to succeed across the economy.
He said Korea’s development experience demonstrated the value of investing in education and human potential, noting that educated young people later become engineers, entrepreneurs, scientists, managers and skilled workers worldwide in several fields.
Jeong said Korea had moved from dependence on development assistance to becoming an economy, adding that its experience should be regarded as an example rather than a prescription for Nigeria.
He expressed hope that entrepreneurs trained at ACE would build successful companies, including businesses that could become major technology enterprises and develop partnerships with Korean companies in the years ahead.
The ambassador said ACE should serve as a platform for innovation, a home for entrepreneurs, a catalyst for enterprise development and a bridge connecting ideas with investment opportunities for entrepreneurs.
He said the centre should remain open, inclusive and sustainable, while creating opportunities for Nigerian and Korean entrepreneurs to exchange ideas, develop partnerships and pursue mutually beneficial ventures across Nigeria.
Jeong commended SMEDAN, UNDP, KOICA and other institutions involved in the project, saying its success will depend on sustained collaboration among government, development partners and private-sector stakeholders over time.