Foundation Targets Empowerment of 1m Entrepreneurs To Boost Economic Growth

In a move aimed at complementing government initiatives on entrepreneurship development, the Stephen Akintayo Foundation has announced plans to empower one million entrepreneurs across Nigeria to accelerate economic growth and job creation.

Speaking at a press briefing in Abuja on Thursday, Founder of the Foundation, Dr. Stephen Akintayo, disclosed that the initiative will be formally launched at the upcoming Business Growth Conference scheduled to hold in both Abuja and Lagos. He emphasised that the empowerment initiative will go beyond financial aid to include structured mentorship and strategic guidance for Micro, Small, and Medium Enterprises (MSMEs).

Dr. Akintayo noted that many small businesses in Nigeria struggle not just due to lack of capital, but also because of limited access to expert mentorship and growth strategies. “We aim to empower one million entrepreneurs in the coming years with not just grants, but strategic mentorship to ensure their businesses thrive. Our target is to build businesses capable of generating a turnover of N1 billion and creating 50 million jobs across the country,” he said.

He stressed the importance of long-term support, stating that the Foundation will set up an advisory council to offer continuous guidance to beneficiaries. “Our experience has shown that without the right advice, many businesses collapse even after receiving funding. That’s why we are prioritizing mentorship alongside financial empowerment,” he added.

Managing director of GTEXT Homes,  Farouq Usman, also underscored the significance of sustainability in the Nigerian business environment. He described the Business Growth Conference as a timely intervention that will expose young and emerging entrepreneurs to practical strategies for scaling up and navigating Nigeria’s challenging economic terrain.

The empowerment of one million entrepreneurs by the foundation has the potential to significantly stimulate the Nigerian economy.

By equipping MSMEs with financial support and expert mentorship, the programme is expected to drive innovation, expand local industries, reduce unemployment, and enhance non-oil revenue generation.

The initiative is also expected to foster resilience among startups, create a new generation of job creators, and contribute to national development through inclusive economic growth.