Kemi Adeosun Launches NIDAC to Support Nigerian Startups

Kemi Adeosun, the former Minister of Finance, has launched a new platform called NIDAC to assist Nigerian entrepreneurs, especially young female founders, in building resilient businesses. The platform went live on Tuesday and aims to tackle the alarming 95% startup failure rate in Nigeria.

Adeosun emphasized the urgent need for support, as small and medium enterprises (SMEs) account for 85% of employment in the country, yet many do not survive beyond five years. NIDAC will conduct a landmark national survey to document the entrepreneurial spirit in Nigeria and provide insights into the cultural and structural drivers of entrepreneurship.

The platform is structured around five interconnected pillars, including a flagship podcast, peer-to-peer learning resources, and educational content designed to address operational challenges faced by Nigerian SMEs. Adeosun highlighted the importance of providing tools and resources to help entrepreneurs navigate the evolving business landscape in Nigeria.