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The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has announced plans to help create 100 millionaire entrepreneurs through business training and financial grants. This initiative aims to tackle the funding and capacity challenges that small businesses face in the country.
This program will be part of the GROW Nigerian Conference 2026 in Lagos and will offer practical business masterclasses along with financial aid and market access opportunities for chosen entrepreneurs.
A statement released by the agency on Thursday highlighted a key feature: the Zero to 100 Pitch Competition, which offers a total prize pool of N100m to support promising businesses.
The grants will be awarded during the conference as well as at another event in northern Nigeria, with the final presentations and awards set for November 10.
Charles Odii, the Director-General of SMEDAN, mentioned in the statement that this initiative aims to connect entrepreneurial skills with the financial resources needed to start and grow successful businesses.
He pointed out that many Nigerians have great business ideas and skills but struggle with capital and management knowledge necessary to make those ideas sustainable.
“For someone who has learned a skill but cannot afford the tools to start, access to capital can change their future. For an existing business, knowing how to price products correctly, attract customers, and manage finances can decide whether that capital leads to growth,” Odii said.
He stated, “Our goal to create 100 millionaires brings together these needs. We want entrepreneurs to leave the conference equipped with practical skills, financial assistance, and connections that can help them build businesses that provide jobs and support livelihoods. The pitch competition has a prize pool of ₦100 million, which will be awarded at the conference and another event in northern Nigeria.”
The agency is promoting this gathering as a place for small businesses to connect with investors, banks, regulators, and potential customers.
The program will include the Nigeria First Fair, a marketplace where people can buy products directly from Nigerian businesses, learn about local brands, and form business relationships with entrepreneurs.
Odii encouraged residents of Lagos to support participating businesses, especially as the festive season approaches.
“We invite everyone to come and shop Nigerian. As you get ready for the holiday season, this is a chance to find something new, buy directly from local businesses, and help an entrepreneur finish the year on a strong note,” he said.
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