SMEDAN Targets 100 Millionaires With ₦100m Funding for Nigerian Entrepreneurs
- SMEDAN plans to support 100 millionaire entrepreneurs through a ₦100 million funding initiative, training and market access
- The GROW Nigerian Conference will host a pitch competition, business clinics and NAFDAC guidance from November 8 to 10
- The Nigeria First Fair will help local businesses showcase products, meet corporate buyers and secure commercial partnerships
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Federal Government, through the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has unveiled plans to produce 100 millionaire entrepreneurs through a ₦100 million funding initiative designed to support small businesses nationwide.
The initiative, which forms part of the GROW Nigerian Conference 2026, will combine financial grants, business training and market access opportunities to help entrepreneurs build profitable and sustainable enterprises.
Source: Getty Images
The three-day conference, scheduled for November 8 to 10 in Lagos, will bring together business owners, investors, financial institutions, policymakers and regulatory agencies.
SMEDAN explains plan for 100 millionaires
SMEDAN Director-General, Charles Odii, said the initiative would address major obstacles preventing Nigerian entrepreneurs from turning their skills and business ideas into profitable ventures.
According to him, many aspiring entrepreneurs possess valuable skills but lack the capital to purchase equipment, establish businesses or expand existing operations.
He explained that financial support alone would not guarantee success without adequate knowledge of pricing, customer acquisition and financial management.
“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,” Odii said.
How entrepreneurs can access ₦100m funding
A major highlight of the conference is the Zero to 100 Pitch Competition, which offers a combined ₦100 million prize pool to promising entrepreneurs.
The competition will provide funding opportunities for selected businesses, with prize disbursements planned for Lagos and a separate event in Northern Nigeria.
Final pitch presentations and awards are scheduled for November 10.
Selected participants are also expected to receive financial grants after completing designated business development sessions.
However, SMEDAN has not indicated that every participant will receive funding or that the ₦100 million will be distributed equally among 100 entrepreneurs.
NAFDAC, banks to support business owners
Beyond funding, the conference will feature practical masterclasses and business clinics addressing registration, regulatory compliance and operational challenges.
A dedicated NAFDAC Summit on November 9 will bring together the agency's Director-General, Prof. Mojisola Adeyeye, and business owners to discuss regulatory barriers.
NAFDAC will also demonstrate its NAPAMS platform and provide guidance to participating entrepreneurs.
Other expected participants include Bank of Industry Managing Director Olasupo Olusi, Development Bank of Nigeria Managing Director Tony Okpanachi and NEXIM Bank Managing Director Abubakar Bello.
Oando Group Chief Executive Wale Tinubu will deliver the keynote address.
Nigerian businesses get new market opportunities
The conference will also host the Nigeria First Fair, providing local businesses with opportunities to showcase products, attract customers and connect with corporate buyers.
Source: UGC
The marketplace will run throughout the three-day event, alongside fashion, food and creative industry activities.
SMEDAN said the initiative would encourage patronage of locally manufactured products while helping entrepreneurs secure commercial partnerships ahead of the festive season.
The conference is being organised in partnership with Germany's development agency, GIZ, with support from international development partners, MTN, KOICA and the Lagos State Government.
FG reopens portal to share N50,000 grant
Legit.ng earlier reported that Small business owners in Nigeria seeking financial support can register their interest in the Small and Medium Enterprises Development Agency of Nigeria’s (SMEDAN) Conditional Grant Scheme, which provides ₦50,000 to eligible nano enterprises.
The government initiative targets businesses operating at the local government level, with funding intended to support equipment purchases, strengthen operations and encourage employment.
Source: Legit.ng
