Nigeria must build investment-ready startups to unlock available capital
The Small and Medium Enterprises Development Agency of Nigeria is launching a targeted training initiative to bridge the gap between available venture funding and the shortage of scalable businesses capable of absorbing it.
Nigeria has sufficient venture funding available, but lacks a critical mass of scalable, investment-ready startups to absorb it, according to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). To address this bottleneck, the agency has launched a specialized training initiative aimed at producing a new generation of certified entrepreneurship mentors.
The Abuja Centre for Entrepreneurship (ACE) Project recently commenced a two-week Training of Trainers programme in the capital. The initiative drew over 1,100 applications, from which 80 candidates were shortlisted across Business Management and Artificial Intelligence tracks. Following further interviews, 30 participants were selected for the intensive cohort.
Charles Odii, Director General and Chief Executive Officer of SMEDAN, highlighted this structural bottleneck. “There is significant funding available for startups in Nigeria, but we do not have enough investment-ready businesses that can access that capital,” Odii said, speaking through his representative Onesi-Lawani, Director of the DG’s Office.
This readiness gap matters significantly for local and international investors seeking exposure to Africa’s largest economy. Despite Nigeria remaining the continent’s leading startup destination and housing five of its eight unicorns, capital deployment is hindered by a pipeline that lacks globally competitive, scalable models.
The newly certified ACE trainers will be tasked with mentoring young founders in high-growth sectors. Odii identified fintech, agritech, healthtech, logistics, and mobility as primary targets, alongside the creative economy, which encompasses digital media, fashion, gaming, animation, and film.
The ACE Project operates as a strategic partnership between SMEDAN and the Korea International Cooperation Agency (KOICA). It is designed to strengthen the broader entrepreneurship ecosystem through education, digital innovation, business incubation, and institutional capacity development.
Equipping founders with the technical skills and networks required to build billion-dollar enterprises is central to Nigeria’s macroeconomic ambitions. The agency views this targeted human capital development as a necessary catalyst for the country’s goal of becoming one of the world’s top 10 economies.
