SMEDAN unveils N100m fund for 100 entrepreneurs

The Small and Medium Enterprises Development Agency of Nigeria has unveiled plans to create 100 millionaire entrepreneurs through business training and financial grants, as it moves to address funding and capacity constraints facing small businesses in the country.

The initiative, which will feature at the GROW Nigerian Conference 2026 in Lagos, will combine practical business masterclasses with financial support and market access opportunities for selected entrepreneurs.

A statement issued by the agency on Thursday said a major attraction would be the Zero to 100 Pitch Competition, which has a N100m prize pool to support promising businesses.

The grants will be distributed at the conference and another event in northern Nigeria, with the final and prize presentations scheduled for November 10.

The Director-General of SMEDAN, Charles Odii, as quoted in the statement, said the initiative was designed to bridge the gap between entrepreneurial skills and the financial resources required to establish and expand viable businesses.

He said many Nigerians possessed business ideas and practical skills but lacked the capital and management knowledge to turn them into sustainable enterprises.

“For someone who has learnt a skill but cannot afford the tools to begin, access to capital can change their prospects. For an existing business, knowing how to price properly, attract customers and manage money can determine whether that capital produces growth,” Odii said.

He added, “Our ambition to create 100 millionaires brings these needs together. We want entrepreneurs to leave the conference with useful skills, financial support and connections that help them build businesses capable of sustaining livelihoods and employing others. The pitch competition carries a ₦100 million prize pool, with disbursements to be made at the conference and another event in northern Nigeria.”

The agency is positioning the gathering as a platform for connecting small businesses with investors, financial institutions, regulators and potential customers.

The programme will feature the Nigeria First Fair, a marketplace where members of the public can buy products directly from Nigerian businesses, discover local brands and establish commercial relationships with entrepreneurs.

Odii urged Lagos residents to patronise participating businesses, particularly as preparations for the festive season gather momentum.

“We are inviting people to come and shop Nigerian. As you prepare for the festive season, there is an opportunity to discover something new, buy directly from local businesses and help an entrepreneur finish the year stronger,” he said.

Meanwhile, a dedicated NAFDAC summit on November 9 will bring regulators and business owners together to discuss registration bottlenecks and demonstrate the agency’s NAPAMS platform.