SMEDAN unveils ₦100 million fund to create 100 millionaire entrepreneurs

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has unveiled a ₦100 million funding initiative to support small businesses and produce 100 millionaire entrepreneurs. The package combines grants, business training and market access under the GROW Nigerian Conference 2026, scheduled for November 8 to 10 in Lagos.

Pitch competition, grants and training

SMEDAN Director-General Charles Odii said the initiative targets obstacles that stop Nigerian entrepreneurs from turning skills and ideas into profitable ventures. Many aspiring business owners have valuable skills but lack capital to buy equipment, start businesses or expand, he said. Odii added that money alone cannot guarantee success without 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.

The Zero to 100 Pitch Competition will offer a combined ₦100 million prize pool. Final pitch presentations and awards are scheduled for November 10. Prize disbursements are planned for Lagos and a separate event in Northern Nigeria. Selected participants will receive financial grants after completing designated business development sessions. SMEDAN has not indicated that every participant will get funding or that the ₦100 million will be shared equally among 100 entrepreneurs.

NAFDAC, banks and keynote line-up

The conference will include practical masterclasses and business clinics on registration, regulatory compliance and operational challenges. A NAFDAC Summit on November 9 will feature the agency’s Director-General, Prof. Mojisola Adeyeye, and business owners discussing regulatory barriers. NAFDAC will also demonstrate its NAPAMS platform and provide guidance to entrepreneurs.

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.

Market access and partnerships

The Nigeria First Fair will run throughout the three-day event, giving local businesses a platform to showcase products, attract customers and connect with corporate buyers. It will sit alongside fashion, food and creative industry activities. SMEDAN said the initiative will encourage patronage of locally made products and help entrepreneurs secure commercial partnerships ahead of the festive season.

The conference is organised with Germany’s development agency, GIZ, and supported by international development partners, MTN, KOICA and the Lagos State Government. SMEDAN also runs a Conditional Grant Scheme that provides ₦50,000 to eligible nano enterprises, targeting businesses at the local government level to support equipment purchases, strengthen operations and encourage employment.

For small businesses, the package offers capital, regulatory guidance and buyer connections ahead of the festive season. Access to funding and transparent disbursement will determine how many entrepreneurs benefit.