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Ten young Nigerian entrepreneurs have emerged winners of ₦21 million grants at the final pitch competition of the Start-up Innovation Academy Project.
The Head, Corporate Affairs Unit
Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Prince Moshood Lawal, disclosed this in a statement in Abuja.
Lawal said the project also known as the Abuja Centre for Entrepreneurship (ACE), in Abuja, comes with an all-expenses-paid trip to South Korea.
He said the project, was in partnership between SMEDAN and the Korea International Cooperation Agency (KOICA).
In the statement, the Minister of Industry; Senator John Ewan Onoh, harped on the need to support the young entrepreneurs and create an enabling environment for innovation, enterprise development and job creation.
Onoh noted that the initiatives would equip young Nigerians with relevant entrepreneurial capabilities and opportunities were important to building a productive and competitive economy as envisioned by President Bola Ahmed Tinubu’s 8 point Agenda.
In his remarks, Director-General/Chief Executive Officer of SMEDAN, Mr Charles Odii, explained the significance of strategic partnerships in advancing Nigeria’s MSME development agenda.
Odii also explained the importance of moving beyond entrepreneurship training to provide start-ups with practical pathways to financing, mentorship, incubation, market access and sustainable business growth.
According to the SMEDAN Chief Executive, “the ACE Project reflects the value of international cooperation in strengthening local entrepreneurial capacity and creating opportunities for Nigerian innovators to compete in an increasingly digital and knowledge-driven economy”.
He reiterated the Agency’s commitment to supporting MSMEs through targeted interventions, institutional partnerships and programmes that promote innovation, productivity, employment generation and inclusive economic development.
Also, ACE Project Director from Soongsil University, South Korea, Professor Gee Hyun Hwang, commended the participating entrepreneurs for their commitment, creativity and efforts to develop innovative business solutions.
He harped on the importance of sustained capacity development, mentorship and collaboration in nurturing start-ups and enabling them to build competitive and scalable enterprises.
Blueprint.ng reports that the final pitch competition provided a platform for 10 selected start-ups to present their business ideas, demonstrate the commercial potential of their innovations and undergo evaluation by a distinguished panel of judges and ecosystem stakeholders.
The winners emerged following presentations that showcased their entrepreneurial capabilities, innovative solutions and potential to contribute to economic growth and job creation.
The ₦21 million grant package was expected to provide financial support to the winning start-ups to strengthen their business operations, develop their products and services, and advance their growth ambitions.
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