The Federal Government of Nigeria and the Republic of South Korea have officially launched a multi-million dollar bilateral initiative to accelerate technology-driven entrepreneurship, job creation, and economic growth.
The program is being driven by the Abuja Centre for Entrepreneurship (ACE) project—a strategic partnership between the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Korea International Cooperation Agency (KOICA).
The announcement was made on Monday during an inauguration ceremony in Abuja, marking a key milestone in future economic cooperation between the two nations.
Building a World-Class Innovation Hub
The ACE project is designed to establish a world-class training and incubation facility targeted at Nigerian youth, early-stage tech startups, and micro, small, and medium enterprises ($\text{MSMEs}$). Rather than operating purely as a temporary development program, the hub is being structured with long-term financial and operational sustainability in mind.
To ensure its longevity, global experts are spending four days designing strict governance and operational frameworks. The workspace will provide:
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Entrepreneurship Education & Incubation: Structured business modules for growing enterprises.
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Innovation-Driven Training: High-tech digital skill bootcamps to prepare founders for the global market.
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Mentorship & Pitch Competitions: Direct access to experienced industry leaders and international investor networks.
KOICA Nigeria Country Director, Eunsub Kim, noted that Nigeria was chosen as South Korea’s priority development partner in Africa due to its massive population, strategic geographic importance, and immense entrepreneurial potential.
Timeline and Deployment of Capital
The initiative is backed by millions of dollars in joint funding, aiming to build an infrastructure setup modeled after successful global innovation tech hubs.
SMEDAN Director-General, Mr. Charles Odii, revealed that physical construction of the state-of-the-art center will begin in the coming weeks at SMEDAN’s Industrial Development Centre in Abuja.
Despite the construction timeline, local businesses will not have to wait long for support. Odii confirmed that Nigerian entrepreneurs will begin accessing core virtual training benefits and advisory services within the next three months.
Prioritizing Youth and Women-Led Tech Teams
The operational execution of the hub will place a strong emphasis on inclusivity, specifically targeting young Nigerians and women-led technology enterprises.
ACE Project Coordinator, Mr. Onesi Lawani, announced that the program’s official rollout will begin in July 2026 with a rigorous “Training of Trainers” cohort. This will be followed by structured incubation phases, where selected startup founders will pitch their business models directly to international venture capitalists to secure equity financing.
By bypassing traditional commercial lending constraints and injecting world-class technical expertise directly into the local ecosystem, the Nigeria-Korea alliance aims to turn fragile grassroots tech ideas into highly competitive, scalable businesses capable of driving industrial transformation across West Africa.
