The Small and Medium Enterprises Development Agency of Nigeria has said the country’s biggest challenge in the startup ecosystem is no longer the availability of funding but the shortage of investment-ready businesses capable of attracting and effectively utilising available capital.
The agency said addressing this gap requires building a stronger pipeline of innovative and scalable enterprises, prompting the launch of a new entrepreneurship training programme designed to prepare a new generation of business development experts.
Speaking at the commencement of the two-week Training of Trainers programme under the Abuja Centre for Entrepreneurship Project in Abuja, Onesi-Lawani, who represented SMEDAN Director-General Charles Odii, said the initiative would equip participants with the knowledge to mentor entrepreneurs capable of building globally competitive businesses.
The programme aims to produce ACE-certified trainers who will help young Nigerians develop scalable enterprises that can attract local and international investment.
According to SMEDAN, the programme attracted more than 1,100 applications before 80 candidates were shortlisted across the Business Management and Artificial Intelligence tracks. After another round of assessments, 30 participants were selected for the final training.
Onesi-Lawani said Nigeria has significant funding opportunities for startups but many businesses fail to secure investment because they lack strong governance structures, innovation, scalability and investor-ready business models.
He urged participants to focus on developing entrepreneurs capable of creating globally competitive businesses that can expand beyond Nigeria.
The agency identified fintech, agritech, healthtech, logistics and mobility as priority sectors, while also highlighting opportunities in the creative economy, including digital media, fashion, gaming, animation and film.
SMEDAN noted that Nigeria remains Africa’s leading startup destination and hosts five of the continent’s eight unicorn companies, underscoring the country’s innovation potential.
The Abuja Centre for Entrepreneurship is being implemented in partnership with the Korea International Cooperation Agency with support from a $12 million commitment by the South Korean Government to establish a world-class Skills Acquisition Centre in Abuja.
The initiative is designed to strengthen entrepreneurship education, business incubation, digital innovation, mentorship and institutional capacity development while helping young Nigerians transform innovative ideas into scalable businesses.
The programme comes amid renewed efforts by the Federal Government and development partners to strengthen Nigeria’s startup ecosystem and improve access to capital. SMEDAN says the next priority is ensuring more startups become investment-ready and capable of attracting domestic and international funding.
