Adeosun Launches Support Platform for Nigerian Startups

Kemi Adeosun, the former Minister of Finance from 2015 to 2018, has raised concerns about Nigeria's high startup failure rate, with 95% of startups not surviving beyond five years. In response, she launched a new platform under the NIDAC initiative aimed at providing business education, mentorship, and practical support for entrepreneurs.

This initiative was announced in a statement issued on Tuesday, signed by Oluwadamilola Oguntimoju, the Chief Operating Officer of NIDAC. Adeosun emphasized the urgent need to address the economic and social impacts of widespread business failures, noting that small and medium enterprises account for 85% of employment in the country.

The initiative will include a nationwide survey titled "Road" to examine the roots and evolution of entrepreneurship in Nigeria. Adeosun aims to document the origins of family businesses and provide insights into the entrepreneurial spirit within Nigerian households, ultimately seeking to reduce the failure rate of businesses.