SMEDAN Unveils ₦250,000 Weekly Seed Funding For Young Startup Entrepreneurs

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has unveiled a new entrepreneurship initiative that will provide ₦250,000 in weekly seed funding to selected young startup entrepreneurs as part of a broader plan to support more than 100,000 young Nigerians annually.

The initiative, known as the Building Resilient Young Nigerian Entrepreneurs (BRYNE) Project, was announced as part of the agency’s activities marking International Youth Day 2026.

The programme will combine enterprise training, incubation, mentorship, access to finance, market opportunities and business development support through physical and digital interventions.

Under the initiative, a weekly hackathon will provide business education and enterprise opportunities to 5,000 young entrepreneurs, with 52 winners selected to receive ₦250,000 each in seed funding, at the rate of one winner every week.

The director-general/chief executive officer of SMEDAN, Charles Odii, said the initiative was designed to provide practical support to young Nigerians at different stages of entrepreneurship.

“Across the country, we meet young people with ideas, skills and businesses that can grow, but many still struggle to find the right support at the right time,” Odii said.

He said BRYNE would bring together opportunities ranging from training and incubation to finance, market access and mentorship, with the aim of helping more young Nigerians build sustainable businesses and create jobs.

The head of SMEDAN’s Women and Youth Unit, Deputy Director Bimpe Fawale, said the project would be delivered through four major channels designed to reach young entrepreneurs in communities, tertiary institutions and online.

The SMEDAN Incubation Programme will support 600 young entrepreneurs annually in sectors including fashion, woodwork and agriculture, leveraging the agency’s network of Industrial Development Centres.

Through the Campus Enterprise Engagement Platform, SMEDAN will work with the Federal Ministry of Education to extend enterprise support to tertiary institutions through practical business workshops, advisory sessions, networking opportunities and exhibitions for student-owned businesses.

The BRYNE Digital Connect will provide entrepreneurship education through digital platforms, promote conversations around innovation and business growth, showcase youth-led and grassroots businesses, and connect entrepreneurs with wider markets.

Fawale said the programme was structured to meet entrepreneurs according to their individual needs and stages of business development.

“Some need help turning an idea into a business. Others already have businesses but need finance, mentorship, better market access or the right information to take the next step,” she said.

She added that BRYNE was designed to connect young entrepreneurs with practical support to enable them to build and grow sustainable businesses.

SMEDAN said beneficiaries would also have access to opportunities for business formalisation, funding, mentorship, investor and market linkages, business information and export support through the agency and its partners.