Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has secured a $12 billion commitment from South Korea to establish a Skills Acquisition Centre in Abuja, as part of efforts to strengthen entrepreneurship and boost small businesses across Nigeria.

This is also as the agency disclosed that the National MSME Policy would be reviewed and relaunched in November 2026 to strengthen the sector and improve its contribution to economic growth.

Ad >>>

Chief Executive of SMEDAN, Mr Charles Odii, disclosed this, weekend during a road walk and sensitisation campaign at Utako Market in Abuja to commemorate the 2026 World MSME Day.

According to Mr Odii, the proposed facility will provide vocational and entrepreneurial training to young Nigerians and enhance the capacity of Micro, Small and Medium Enterprises (MSMEs).

He said the agency is awaiting the allocation of land by the Federal Capital Territory (FCT) Administration to commence with the project.

“We need land in the FCT to build the Skills Acquisition Centre. If the FCT Administration is unable to provide one, we will use our office premises in Idu, Abuja, because we do not want Nigeria to miss this opportunity offered by the Korean Government to support skills and vocational training,” he said.

As part of activities marking the World MSME Day, Odii also announced the launch of SMEDAN’s N500 million GROW Fund, a zero-interest financing intervention designed to support small businesses across the country.

He explained that the fund would be disbursed to members of registered cooperative societies and business associations to strengthen their enterprises.

According to him, beneficiaries are expected to utilise the funds strictly for business purposes, including expanding working capital, acquiring workspaces and purchasing equipment.

“The funding is meant to support and improve their businesses. It should be used for working capital, workspaces, tools and other productive business needs. Any use outside these objectives will not be encouraged,” he said.

Odii further disclosed that entrepreneurs trained by SMEDAN in Abuja would receive vocational equipment, including washing machines, barbing kits, shoemaking tools and sewing machines, to enable them to become self-reliant.

“We have identified these tools as essential to the businesses of our trainees based on the skills programmes they have undergone,” he added.

The SMEDAN boss stressed that the agency’s interventions are driven by the critical role MSMEs play in Nigeria’s economy.

“Small businesses are the heartbeat of Nigeria’s economy. By providing infrastructure, skills and financing, we are creating an enabling environment for them to grow, thrive and contribute meaningfully to national development,” he said.