The Small and Medium Enterprises Development Agency of Nigeria has revealed an initiative aimed at producing 100 millionaire business owners across the country through capacity building and direct cash grants.
According to a report by Punch, the scheme will form a major part of the GROW Nigerian Conference 2026 holding in Lagos. The programme will bring together business training masterclasses, funding opportunities, and access to fresh markets for the selected participants.
A central highlight of the event is the Zero to 100 Pitch Competition, which offers a total prize pool of N100 million. The agency explained that funds will be given out at the Lagos gathering and during a second event planned for northern Nigeria, with the final round and awards ceremony slated for November 10.
Charles Odii, the Director-General of SMEDAN, stated that the intervention was created to tackle the twin challenges of scarce capital and inadequate business knowledge among Nigerian business founders. He noted that many creative citizens possess technical skills but struggle without the tools and cash needed to build viable ventures.
"For someone who has learnt a skill but cannot afford the tools to begin, access to capital can change their prospects," Odii said. He stressed that existing ventures also require lessons on correct pricing, customer acquisition, and cash flow management to achieve real expansion.
Odii explained that the initiative aims to build businesses capable of feeding households and creating jobs for others. Beyond the pitch contest, the conference is designed to link small business owners with regulators, commercial financiers, investors, and everyday shoppers.
Attendees will also experience the Nigeria First Fair, an exhibition where residents can purchase local goods straight from the makers ahead of the festive season.
In addition, a special session with the National Agency for Food and Drug Administration and Control is set for November 9 to address product registration delays and showcase its online registration portal.
