The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) is planning to open a specialized Tertiary Institution dedicated to developing Nigeria’s next generation of entrepreneurs. This new institution aims to help aspiring business owners gain the skills they need to launch and grow successful businesses. SMEDAN’s Director-General shared this vision during a visit from the United Nations Development Programme (UNDP) team, who toured the proposed site for the Abuja campus.
Bridging the Skills Gap for MSMEs
SMEDAN identified a skills gap as a major challenge limiting the growth of Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. Many small businesses lack essential skills in areas such as product development, market analysis, production processes, business planning, and human resources. This gap often prevents MSMEs from accessing available funding opportunities, which stifles their growth and sustainability.
According to SMEDAN’s DG, Nigerian MSMEs play a key role in the country’s economy by driving growth, innovation, and technology adoption. However, they face significant hurdles, which contribute to a high failure rate of 62% within the first five years. The proposed institution aims to tackle these issues by offering a curriculum focused on building resilience, scaling businesses, and enhancing overall economic impact.
What the Institution Will Offer
The new institution will provide workforce support for various sectors of the Nigerian economy. It will feature specialized training programs in entrepreneurship and employability skills for Nigerian youth. Planned facilities include:
- Masterclass Training Faculties for skill development
- Ideation Hubs to foster innovative business ideas
- Export Facilitation Units to support MSMEs interested in international markets
- A Microfinance Bank for accessible financing
- A Regulatory Desk for guidance on compliance
- An Arbitration Section to help resolve trade disputes
This institution is designed to serve as a comprehensive support system for Nigerian entrepreneurs, equipping them with the tools and knowledge needed to succeed and scale their businesses. Through this initiative, SMEDAN hopes to strengthen the MSME sector, boost economic growth, and create more job opportunities across Nigeria.