The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has announced a ₦100 million funding initiative aimed at supporting 100 entrepreneurs and helping small businesses grow into sustainable enterprises.
The initiative, which will be unveiled at the GROW Nigerian Conference 2026 in Lagos, will provide selected business owners with financial grants, practical business training and opportunities to connect with potential investors and customers.
According to a statement released by the agency on Thursday, one of the major highlights of the conference will be the Zero to 100 Pitch Competition, which features a ₦100 million prize pool for promising entrepreneurs. The grants will be distributed during the Lagos conference and at another event in northern Nigeria, with the final pitch competition and prize presentations scheduled for November 10.
SMEDAN Director-General, Charles Odii, explained that the initiative was designed to address two major challenges facing Nigerian entrepreneurs: limited access to funding and a lack of business management skills. He noted that while many Nigerians have business ideas and practical skills, they often struggle to secure the financial resources and knowledge needed to turn those ideas into successful businesses .According to Odii, access to funding, combined with the right business knowledge, can help entrepreneurs purchase necessary equipment, attract customers, manage their finances and expand their operations
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He added that the agency’s target of creating 100 millionaires goes beyond providing financial assistance, as it also aims to equip entrepreneurs with the skills and business connections needed to create jobs and support livelihoods.
Beyond the funding programme, the conference will also serve as a platform for connecting small business owners with investors, financial institutions, regulators and potential customers. Another major attraction will be the Nigeria First Fair, which will give members of the public an opportunity to purchase products directly from Nigerian businesses, discover local brands and build relationships with entrepreneurs.
Odii encouraged Lagos residents to support local businesses by patronising participating vendors, especially as preparations for the festive season begin.
Meanwhile, a dedicated summit organised by the National Agency for Food and Drug Administration and Control (NAFDAC) is scheduled for November 9. The session will bring regulators and business owners together to discuss challenges associated with product registration and demonstrate the agency’s NAPAMS platform. The conference is expected to provide Nigerian entrepreneurs with greater access to funding, business knowledge and market opportunities.
