SMEDAN Unveils ₦100m Initiative to Create 100 Millionaire Entrepreneurs

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has announced a ₦100 million funding initiative aimed at empowering 100 entrepreneurs through business training, financial grants and improved access to markets.

The programme, which will feature at the GROW Nigerian Conference 2026 in Lagos, is designed to address the challenges of inadequate funding, limited business management skills and poor market access confronting small and medium-scale enterprises across the country.

According to a statement issued by the agency on Thursday, one of the major highlights of the conference will be the Zero to 100 Pitch Competition, which offers a total prize pool of ₦100 million to support promising entrepreneurs with viable business ideas.

The financial grants will be distributed during the Lagos conference and another event scheduled to hold in northern Nigeria, while the final competition and presentation of prizes are expected to take place on November 10.

Speaking on the initiative, SMEDAN Director-General, Charles Odii, said the programme was designed to bridge the gap between entrepreneurial skills and access to the financial resources required to establish and expand successful businesses.

Odii observed that many Nigerians possessed practical skills and promising5 business ideas but were unable to turn them into profitable ventures because of inadequate capital and limited knowledge of business management.

He explained that providing financial assistance alongside practical training would enable entrepreneurs to acquire necessary equipment, improve their products, attract customers and manage their businesses more effectively.

The SMEDAN chief executive added that the agency’s ambition to create 100 millionaire entrepreneurs was not limited to providing financial grants but also involved equipping beneficiaries with the knowledge, resources and business connections needed to build sustainable enterprises.

He noted that the initiative would help entrepreneurs expand their operations, create employment opportunities and contribute to economic growth.

The GROW Nigerian Conference will also feature the Nigeria First Fair, a marketplace designed to showcase locally produced goods and connect Nigerian businesses directly with consumers.

The fair will provide opportunities for members of the public to discover local brands, purchase products directly from manufacturers and establish commercial relationships with entrepreneurs.

Odii called on Lagos residents to participate in the event and support Nigerian-owned businesses, particularly as preparations for the festive season gather momentum.

He stressed the importance of patronising locally produced goods, noting that increased consumer support would help small businesses strengthen their operations and end the year on a stronger financial footing.

Meanwhile, the National Agency for Food and Drug Administration and Control (NAFDAC) will organise a dedicated summit on November 9 as part of the programme.

The summit will bring regulators and business owners together to discuss challenges associated with product registration and regulatory compliance.

It will also feature a demonstration of NAFDAC’s NAPAMS digital platform, which is expected to help businesses better understand and navigate the agency’s regulatory processes.

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