By Oluwakemi Kindness
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) says it plans to create 100 new millionaire entrepreneurs through direct financial grants and business development training.
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) says it plans to create 100 new millionaire entrepreneurs through direct financial grants and business development training.
A statement issued by the agency on Thursday, says the move became necessary as Nigerian businesses continue to face low survival rates, limited access to finance and regulatory challenges.
According to the statement, the initiative will be unveiled at the upcoming GROW Nigerian Conference 2026 in Lagos as part of efforts to address the challenges facing micro, small and medium enterprises (MSMEs).
SMEDAN Director-General, Charles Odii, explained that the move would address practical barriers preventing entrepreneurs from starting, sustaining and expanding their businesses.
He noted that access to finance could also help people who had acquired vocational skills but lacked the resources to establish businesses.
Odii stressed that existing entrepreneurs also needed knowledge of pricing, customer acquisition and financial management to turn investments into sustainable business growth.
“The agency aimed to develop local enterprises capable of supporting livelihoods and creating employment opportunities”.
“The conference will feature a 100-million-naira prize pool under its Zero to 100 Pitch Competition, alongside grants for participants who complete the masterclasses”.
Odii added that the event would also address regulatory challenges through an on-site business clinic involving agencies such as the National Agency for Food and Drug Administration and Control (NAFDAC), the Corporate Affairs Commission (CAC) and the Nigeria Social Insurance Trust Fund (NSITF).
Edited by Julian Osamoto
