The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has secured a $12 million funding commitment from the South Korean government to establish a world-class Skills Acquisition Centre in Abuja, aimed at boosting entrepreneurship and tackling unemployment across Nigeria.
The Director-General of SMEDAN, Charles Odii, announced the development during the 2026 World MSME Day event, noting that the project will provide vocational training, entrepreneurial skills, and capacity development for thousands of young Nigerians and small business owners.
Odii said the centre will strengthen the productivity of Micro, Small and Medium Enterprises (MSMEs) and is expected to be implemented once the Federal Capital Territory Administration provides land for the project.
Alongside the Korean partnership, SMEDAN also unveiled a ₦500 million zero-interest “Grow Fund”, designed to support MSMEs across the country with affordable financing.
The fund will be disbursed through cooperatives, trade associations, and business groups, rather than directly to individuals, in order to improve accountability and ensure proper monitoring of beneficiaries.
According to SMEDAN, the revolving fund is aimed at helping small businesses access capital for working capital, equipment, rent, and business expansion, with repayment expected to be interest-free so that more entrepreneurs can benefit over time
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