Adeosun Unveils Nidacity, Targets Reducing Nigeria’s 95% Startup Failure

Former minister of Finance, Kemi Adeosun, has unveiled a new private sector initiative, Nidacity, aimed at addressing Nigeria’s high rate of startup failure by equipping entrepreneurs with practical skills, mentorship, and business intelligence.

The platform, which officially went live on Tuesday, is designed as an educational media hub to support Nigerian entrepreneurs, particularly young and female founders, in building resilient and sustainable businesses.

Speaking on the initiative, Adeosun said Nidacity was conceived in response to the alarming statistic that nearly 95 per cent of Nigerian startups fail within five years, despite the country having one of the highest rates of entrepreneurship globally.

She noted that the implications of such high failure rates extend beyond individual businesses, stressing that Small and Medium Enterprises (SMEs), which account for about 85 per cent of employment in Nigeria, bear the brunt of these challenges.

“The timing is urgent. Nigeria has the world’s highest entrepreneurship rate, yet as many as 95 per cent of Nigerian startups do not survive beyond five years. With SMEs accounting for 85 per cent of all employment in the country, the human cost of that failure is felt in every community,” the former finance minister said.

Adeosun, described the situation as presenting a significant opportunity for economic transformation if properly harnessed.

According to her, Nigerian entrepreneurs are already playing a critical role in job creation, often operating with limited support and resources. “The data tells us something remarkable: if we can help more of these businesses survive and grow, the employment gains for Nigeria will be enormous. Nidacity is not a charity — it is an investment in the people who are already building this economy,” she added.

As part of its rollout, Nidacity has launched its first major initiative, the “Many Roads” Survey, a nationwide digital project aimed at documenting the origins and evolution of entrepreneurship across Nigerian households.

The survey seeks to gather personal and family business stories from Nigerians, creating what Adeosun described as a “living archive” of enterprise history in the country. “At its centre is a deceptively simple question: how did the entrepreneurial spirit that defines so many Nigerian households come to be, and why does it endure?” she explained.

She noted that the data generated from the survey would provide evidence-based insights into the cultural and structural factors driving entrepreneurship in Nigeria, an area she said has remained largely undocumented.

The findings, she added, will be published on the Nidacity platform and shared with key stakeholders, including policymakers, educators, and investors, to inform decision-making and support enterprise development.

Adeosun said the “Many Roads” Survey would also serve as the foundation for Nidacity’s broader objective of strengthening business education and reducing startup failure rates in Nigeria.

The platform itself is structured around five core pillars designed to address the realities facing Nigerian entrepreneurs.

These include “The Builders,” a flagship podcast featuring interviews with business founders; Entrepreneur Profiles, which provide peer-to-peer learning opportunities; Resources, offering tools to tackle operational challenges; Education, delivered through videos, webinars, and micro-courses; and News Analysis, which provides insights into the evolving business environment.

According to the promoters, Nidacity delivers its offerings through a mix of digital, audio, and community-based formats, ensuring accessibility for entrepreneurs across the country.

Adeosun brings decades of experience to the initiative, having served as Nigeria’s finance minister between 2015 and 2018, where she led key fiscal reforms during a period of economic recession.

Her tenure was marked by initiatives such as the Efficiency Unit, which reduced government waste by eliminating payroll irregularities, and the Whistleblower Policy, which led to the recovery of significant public funds.

Prior to her ministerial role, she served as Commissioner for Finance in Ogun State, where she significantly increased internally generated revenue.

With Nidacity, Adeosun is seeking to leverage her experience in public finance and economic reform to support Nigeria’s entrepreneurial ecosystem, positioning the platform as a catalyst for sustainable business growth and job creation.

Industry observers say the initiative could play a critical role in bridging the knowledge and support gap faced by many Nigerian entrepreneurs, particularly in an increasingly complex and competitive economic environment.

Her team believes that by combining education, storytelling, and data-driven insights, Nidacity can reshape how entrepreneurship is understood and supported in Nigeria.