Following the emerged of the young Nigerian entrepreneurs as the winners at the final competition of the Start-up Innovation Academy Project, also known as Abuja Center for Entrepreneurship (ACE), a total of N21 millions grants was given to them, alongside paid all their expenses including their trip to South Korea to strengthen innovation, entrepreneurship and the growth of technology-driven businesses in Nigeria.
In a statement issued signed and issued in Abuja at the weekend by Prince Moshood Lawal, Head, Corporate Affairs Unit of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) said the competition, held on Thursday, October 15, 2026, at the Public Service Institute of Nigeria (PSIN), Abuja marked a significant 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 the statement,the initiative was 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, resources and opportunities required to transform innovative ideas into sustainable businesses.
The final pitch competition provided a platform for 10 selected start-ups to present their business ideas, demonstrate the commercial potential of their innovations and undergo evaluation by a distinguished panel of judges and ecosystem stakeholders.
The winners emerged following presentations that showcased their entrepreneurial capabilities, innovative solutions and potential to contribute to economic growth and job creation.
The ₦21 million grant package is expected to provide financial support to the winning start-ups to strengthen their business operations, develop their products and services, and advance their growth ambitions.
The all-expenses-paid trip to South Korea will also provide an opportunity for the beneficiaries to gain exposure to international innovation ecosystems, entrepreneurial practices and emerging business opportunities.
Speaking at the award ceremony, Hon. Minister of Industry; Senator John Ewan Onoh, who delivered the keynote remarks, underscored the importance of supporting young entrepreneurs and creating an enabling environment for innovation, enterprise development and job creation.
He noted that initiatives that equip young Nigerians with relevant entrepreneurial capabilities and opportunities are important to building a productive and competitive economy as envisioned by President Bola Ahmed Tinubu’s 8 point Agenda.
In his remarks, Mr. Charles Odii, Director-General/Chief Executive Officer of SMEDAN, highlighted the significance of strategic partnerships in advancing Nigeria's MSME development agenda. He emphasised the importance of moving beyond entrepreneurship training to provide start-ups with practical pathways to financing, mentorship, incubation, market access and sustainable business growth.
According to the SMEDAN Chief Executive, “the ACE Project reflects 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 reiterated the Agency's commitment to supporting MSMEs through targeted interventions, institutional partnerships and programmes that promote innovation, productivity, employment generation and inclusive economic development.
Also speaking at the event, Professor Gee Hyun Hwang, ACE Project Director from Soongsil University, South Korea, commended the participating entrepreneurs for their commitment, creativity and efforts to develop innovative business solutions. He highlighted the importance of sustained capacity development, mentorship and collaboration in nurturing start-ups and enabling them to build competitive and scalable enterprises.
The partnership with KOICA and Soongsil University reflects the growing importance of international collaboration in transferring knowledge, strengthening entrepreneurial institutions and connecting Nigerian start-ups with global best practices.
The ACE Project's final pitch competition represents a critical stage in the entrepreneurship development process, linking structured training and business management capacity development with practical evaluation, investment readiness and opportunities for further incubation and enterprise support.
Through this approach, SMEDAN seeks to encourage a new generation of Nigerian entrepreneurs capable of leveraging technology, innovation and market opportunities to establish viable businesses, create employment and contribute to national economic development.
The ₦21 million grant awards and the all-expenses-paid trip to South Korea further underscore the importance of combining financial support with exposure, mentorship and access to broader entrepreneurial networks.
The ACE Project forms part of ongoing efforts by SMEDAN to build a more resilient and inclusive Nigerian start-up ecosystem in which young people and emerging businesses can access the knowledge, partnerships and opportunities required to translate innovative ideas into productive enterprises.
One of the winners of the Pitch Competition, Aisha Aminu Mohammed of Tita Universal Services Ltd expressed delight at the opportunity provided by SMEDAN through the Pitch Competition, extensive capacity building and mentorship which can never be quantified in terms of value.
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