The Small and Medium Enterprises Development Agency of Nigeria has unveiled a N100m funding initiative aimed at creating 100 millionaire entrepreneurs through business training, financial grants and access to markets.
The initiative, which will feature at the GROW Nigerian Conference 2026 in Lagos, is designed to address funding and capacity challenges confronting small businesses while equipping entrepreneurs with the skills and resources needed to expand their operations.
According to a statement issued by the agency on Thursday, a major highlight of the conference will be the Zero to 100 Pitch Competition, which offers a N100m prize pool for promising businesses.
The grants will be distributed during the Lagos conference and another event in northern Nigeria, with the final competition and presentation of prizes scheduled for November 10.
The Director-General of SMEDAN, Charles Odii, said the initiative was designed to bridge the gap between entrepreneurial skills and access to the financial resources required to establish and grow sustainable businesses.
He noted that many Nigerians possessed business ideas and practical skills but lacked the capital and management knowledge needed to transform them into viable enterprises.
“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 explained that the agency’s ambition to create 100 millionaires informed the combination of business training, financial assistance and networking opportunities under the programme.
“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,” he said.
Odii added that the N100m prize pool would be disbursed through the pitch competition at the Lagos conference and another event in northern Nigeria.
The agency said the conference would also provide a platform for connecting small businesses with investors, financial institutions, regulators and potential customers.
Another major feature of the programme is the Nigeria First Fair, a marketplace designed to enable members of the public to purchase products directly from Nigerian businesses, discover local brands and establish commercial relationships with entrepreneurs.
Odii urged Lagos residents to patronise participating businesses, particularly as preparations for the festive season gather momentum.
“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.
Meanwhile, the conference programme will include a dedicated summit organised by the National Agency for Food and Drug Administration and Control on November 9.
The summit is expected to bring regulators and business owners together to address challenges associated with product registration and demonstrate NAFDAC’s NAPAMS platform.
