SMEDAN and KOICA award ₦21m in grants to Nigerian entrepreneurs

Ten young Nigerian entrepreneurs have won ₦21 million in grants following the final pitch competition of the Abuja Centre for Entrepreneurship (ACE) Startup Academy. The winners will also receive an all-expenses-paid trip to South Korea for incubation and an investor relations demo day.

The ACE Startup Academy is a collaborative project between the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Korea International Cooperation Agency (KOICA). The initiative aims to support innovation-driven growth for Nigerian youth and small and medium-sized enterprises (SMEs) by providing training in business modeling, digital capabilities, and AI.

The competition saw significant interest, with 3,856 initial applicants. From that pool, 120 teams underwent training, 45 advanced to preliminary rounds, and the final 10 were selected through a pitch and question-and-answer session held in Abuja. The project is implemented by a consortium including Soongsil University, Maincontents, and Eduniety Lab.