The Korean International Cooperation Agency (KOICA) Nigeria Office and Providus-Bank Nigeria have signed a Memorandum of Understanding (MOU) to foster entrepreneurship and support the growth of small and medium-sized enterprises (SMEs) in Abuja. The MOU signing ceremony, held at the Providus-Bank Corporate Office in Lagos, marks a significant milestone in the collaboration between KOICA and Providus-Bank. Both organisations are committed to promoting entrepreneurial activities and driving economic development in Nigeria. KOICA’s Abuja Centre for Entrepreneur (ACE) Project is a $12 million initiative aimed at establishing a cutting-edge digital hub tailored for start-ups and SMEs in Abuja.
The project will be implemented in collaboration with the Abuja Enterprise Agency (AEA) from 2024 to 2028. Within the five-year project period, KOICA aims to foster up to 2,100 digital startups by providing them with training, incubation, and funding opportunities. This support will empower entrepreneurs to develop innovative solutions and contribute to the growth of the Nigerian economy. Providus-Bank is a leading provider of financial services to SMEs in Nigeria. The bank offers a diverse range of SME packages designed to meet the unique needs of small businesses. Mr. Walter Akpani, Managing Director and CEO of Providus-Bank, emphasised the bank’s dedication to promoting and expanding entrepreneurial activities.
He said, “we recognise the vital role that SMEs play in driving economic growth and creating employment opportunities. Our partnership with KOICA will enable us to further support the growth of SMEs in Abuja and beyond.” The collaboration between KOICA and Providus-Bank marks a significant step forward in fostering entrepreneurship and supporting SME growth in Nigeria. The partners are committed to working together to ensure the successful implementation of the Abuja Entrepreneurship Centre project, which will contribute to the development of a thriving SME ecosystem in Abuja and across the country.