Ten young Nigerian start-ups have won a total of ₦21 million in grants and an all-expenses-paid trip to South Korea after emerging victorious at the final pitch competition of the Start-up Innovation Academy Project, also known as the Abuja Centre for Entrepreneurship (ACE).
The competition, held at the Public Service Institute of Nigeria (PSIN) in Abuja, marked a major milestone in the implementation of the ACE Project, a partnership between the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Korea International Cooperation Agency (KOICA).
According to Prince Moshood Lawal, Head of the Corporate Affairs Unit of SMEDAN, the initiative is designed to strengthen Nigeria’s start-up ecosystem through entrepreneurship training, digital innovation, business incubation, mentorship and enterprise development support, with a focus on equipping young entrepreneurs with the skills and resources needed to build sustainable businesses.
The final competition featured 10 selected start-ups pitching their business ideas before a panel of judges and ecosystem stakeholders.
Winners were chosen based on the strength of their innovations, entrepreneurial capacity and potential contributions to economic growth and job creation.
The ₦21 million grant package will support the winning businesses in expanding operations, developing products and services, and pursuing growth opportunities.
The beneficiaries will also travel to South Korea, where they will be exposed to international innovation ecosystems, entrepreneurial practices and emerging business opportunities.
Speaking at the event, Minister of Industry Senator John Ewan Onoh said supporting young entrepreneurs and creating an enabling environment for innovation and enterprise development were essential to building a productive and competitive economy in line with President Bola Ahmed Tinubu’s eight-point agenda.
SMEDAN Director-General and Chief Executive Officer, Charles Odii, said strategic partnerships were critical to advancing Nigeria’s MSME development agenda.
He stressed the need to move beyond entrepreneurship training by providing start-ups with access to financing, mentorship, incubation and markets.
According to Odii, the ACE Project demonstrates the value of international cooperation in strengthening local entrepreneurial capacity and creating opportunities for Nigerian innovators to compete in an increasingly digital and knowledge-driven economy.
He reaffirmed SMEDAN’s commitment to supporting micro, small and medium enterprises through targeted interventions, institutional partnerships and programmes that promote innovation, productivity, employment generation and inclusive economic growth.
ACE Project Director from Soongsil University, South Korea, Professor Gee Hyun Hwang, commended the participating entrepreneurs for their creativity and commitment to developing innovative solutions.
He emphasised the importance of continued capacity building, mentorship and collaboration in helping start-ups grow into competitive and scalable enterprises.
The ACE Project forms part of broader efforts by SMEDAN to build a resilient and inclusive start-up ecosystem, enabling young entrepreneurs to access the knowledge, partnerships and opportunities required to transform innovative ideas into successful businesses.
One of the winners, Aisha Aminu Mohammed of Tita Universal Services Ltd, expressed appreciation to SMEDAN for the opportunity, describing the pitch competition, training and mentorship received through the programme as invaluable.
