By Chibuzor Alli
One hundred Nigerian entrepreneurs are set to receive financial support under a N100m initiative unveiled by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), as the Federal Government agency seeks to turn more small businesses into sustainable and profitable enterprises.
The initiative will combine business training, financial grants and access to markets, with selected entrepreneurs expected to benefit through the agency’s GROW Nigerian Conference 2026 in Lagos and a subsequent event in northern Nigeria.
According to a statement issued by the agency on Thursday, the programme’s major attraction will be the Zero to 100 Pitch Competition, which has a N100m prize pool for promising businesses.
The final competition and presentation of prizes are scheduled for November 10, with grant disbursements taking place at the Lagos conference and another gathering in northern Nigeria.
SMEDAN Director-General, Charles Odii, said the initiative was designed to address the difficulties entrepreneurs face in accessing capital and acquiring the business knowledge needed to grow their ventures.
He explained that having a marketable skill or promising business idea was not always enough to establish a successful enterprise, particularly when entrepreneurs lacked the resources to acquire equipment, manage finances and attract customers.
“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.”
Beyond the funding competition, SMEDAN is positioning the conference as a meeting point for entrepreneurs, investors, financial institutions, regulators and potential customers.
A major feature will be the Nigeria First Fair, which will provide Nigerian businesses with an opportunity to showcase their products, attract customers and establish commercial relationships.
The marketplace will also allow members of the public to purchase directly from local producers and discover emerging Nigerian brands.
Odii called on Lagos residents to support participating businesses, particularly as consumers begin preparations for the festive season.
“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.
The conference will also feature a dedicated summit organised with the National Agency for Food and Drug Administration and Control (NAFDAC) on November 9.
The session will bring regulators and business owners together to address challenges surrounding product registration and demonstrate the agency’s NAPAMS platform.
Through the combination of financing, business development training, market access and regulatory engagement, SMEDAN is seeking to strengthen the capacity of small businesses to expand, create employment and contribute more significantly to Nigeria’s economy.
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