Former finance minister Mrs Kemi Adeosun has launched Nidacity, a platform aimed at helping Nigerian entrepreneurs build resilient businesses. The platform, which can be accessed at www.nidacity.com, will offer education, mentorship, and business intelligence to young and female founders. Adeosun said the initiative is a response to Nigeria's high rate of startup failures, which stands at 95 per cent, with small and medium-sized enterprises accounting for about 85 per cent of employment in the country.
Nigeria has one of the highest entrepreneurship rates globally, yet most startups fail within five years, resulting in significant job losses and economic challenges. Adeosun believes that supporting entrepreneurs will boost job creation and overall economic development of Nigeria. The platform, Nidacity, is an investment in entrepreneurs who are already driving economic activities, aiming to improve their capacity and yield widespread benefits.
Adeosun also unveiled the "Many Roads" survey, a nationwide initiative to document the origins of Nigerian enterprises and generate data-driven insights into the country's entrepreneurial ecosystem development. The survey will collect stories of family businesses to map cultural and generational influences shaping entrepreneurship, providing evidence-based insights for policymakers, investors, and the general public.
