South Korea commits $12m to Nigeria’s MSME skills devt

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has secured a $12 million commitment from the South Korean Government to establish a Skills Acquisition Centre in Abuja. This initiative aims to deepen entrepreneurship, combat unemployment, and strengthen Nigeria's small business ecosystem.

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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 $12m commitment and opportunity offered by the Korean Government to support skills and vocational training.

The proposed center will offer vocational and entrepreneurial training to thousands of young Nigerians, thereby improving the productive capacity of Micro, Small, and Medium Enterprises (MSMEs) nationwide. SMEDAN's Director-General, Charles Odii, emphasized the agency's determination to leverage this opportunity, stating that they are awaiting land allocation from the Federal Capital Territory Administration to commence the project. If land is unavailable, SMEDAN plans to utilize its office premises in Idu, Abuja, to ensure Nigeria does not miss out on the Korean government's support.

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Small businesses are the heartbeat of Nigeria’s economy. They contribute significantly to employment generation and economic growth. By providing infrastructure, skills, and financing, we are creating an enabling environment for them to grow, thrive, and contribute meaningfully to national development.

Odii highlighted that small businesses are the backbone of the Nigerian economy, contributing significantly to employment and growth. By providing infrastructure, skills, and financing, SMEDAN seeks to create an enabling environment for these businesses to thrive. This intervention aligns with the theme of the 2026 World MSME Day: "Empowering MSMEs through Innovation and Sustainable Industrial Development."

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We visited traders at the market because it is not enough to sit in offices and formulate policies without understanding the realities of the people we are meant to serve.

In addition to the Skills Acquisition Centre, SMEDAN has launched a N500 million zero-interest Grow Fund to provide affordable financing for MSMEs. This fund will be disbursed through cooperative societies, trade associations, and business membership organizations under a revolving loan arrangement. Odii explained that this association-based lending model is designed to enhance accountability and ensure funds reach genuine entrepreneurs, based on insights gathered from direct engagement with market traders and business leaders.

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That was why we immediately decided to launch the N500m Grow Fund. We are not giving the money directly to individuals. We are giving it to associations that know their members and can monitor how the funds are used.