SMEDAN Unveils N100m Fund To Create 100 Millionaire Entrepreneurs

The numbers are simple, and that is why they caught attention.

N100 million. 100 entrepreneurs. One big conference in Lagos.

The Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, has unveiled a N100 million fund to support 100 entrepreneurs through business training, financial grants and market access.

The initiative will feature at the GROW Nigerian Conference 2026 in Lagos. The conference is holding from November 8 to 10 at the Ecobank Pan African Centre, Victoria Island, Lagos, under the theme "GROW Nigerian: The Next Frontier for Innovation, Policy and Market Access."【3929625706311540389†L49-L52】

Who is the fund for?

The fund is for small business owners and aspiring entrepreneurs who need more than just an idea to grow.

According to SMEDAN, the target is to create 100 millionaire entrepreneurs through practical training and financial support. The programme is aimed at people who have skills and business ideas, but are struggling with funding and capacity problems.【3929625706311540389†L7-L10】

The main attraction is the Zero to 100 Pitch Competition, which has a N100 million prize pool to support promising businesses.【3929625706311540389†L11-L14】

That means the money is not for everybody. It is for selected entrepreneurs who go through the training and pitch process, and show that their business is viable and can grow.

When will support be given?

SMEDAN said the grants will be distributed at the conference and another event in northern Nigeria, with the final and prize presentations scheduled for November 10.【3929625706311540389†L13-L15】

The conference will feature practical business masterclasses, with financial support and market access opportunities for selected entrepreneurs.【3929625706311540389†L9-L12】

There will also be the Nigeria First Fair, a marketplace where members of the public can buy products directly from Nigerian businesses, discover local brands and build business relationships.

In other words, the support is tied to the conference. Entrepreneurs learn first, pitch, and then get the grant. It is not just cash handed out on the street.

Why small businesses need more than cash

This is the most important part of the story.

Many small businesses in Nigeria do not fail because the owner is lazy. They fail because they lack three things at the same time: money, skills, and market.

That is why SMEDAN Director-General, Charles Odii, said the initiative was designed to bridge the gap between entrepreneurial skills and the financial resources required to establish and expand viable businesses.【3929625706311540389†L14-L17】

Cash alone cannot fix a business that does not know how to price, market, keep records, or manage customers. A grant of N1 million can disappear in one month if the owner does not know how to manage it.

Training helps owners learn business development, marketing, financial management, pricing, and how to use technology. Market access helps them find real customers, not just followers online.

That combination — training + cash + market — is what makes a small business survive.

For the 100 entrepreneurs who will benefit, the real value may not be just the money. It is the chance to learn, pitch in front of investors and partners, sell at the fair, and build connections that last after the conference ends.

If SMEDAN delivers on this plan, the N100 million will be more than a headline. It will be a test of whether training plus funding can actually turn small hustles into sustainable businesses.