Former finance minister inaugurates Nidacity to combat startup failures

Former Minister of Finance, Mrs Kemi Adeosun has inaugurated Nidacity, a platform providing Nigerian entrepreneurs with education, mentorship and business intelligence to build resilient enterprises.

Adeosun made this known in a statement by the Chief Operating Officer (COO) of Nidacity, Oluwadamilola Oguntimoju, on Tuesday in Abuja.

She said that the platform – ‘www.nidacity.com’, had officially started, and the target were young and female founders, offering them tools and resources aimed at strengthening businesses and addressing the country’s high rate of startup failures nationwide.

Adeosun said that the initiative sought to tackle Nigeria’s 95 per cent startup failure rate, of which SMEs accounted for about 85 per cent of employment in the country, hence, it became critical to ensure business sustainability.

She said the platform became necessary due to the widespread of failed businesses, which continued to affect livelihoods, economic stability and growth across communities in the country.

According to her, Nigeria has one of the highest entrepreneurship rates globally, yet most startups fail within five years, creating significant job losses and economic challenges across the country.

She said that the same statistics present an opportunity to strengthen businesses, emphasising that supporting entrepreneurs would significantly boost job creation and overall economic development of Nigeria.

Adeosun said that Nidacity was an investment in entrepreneurs that were already driving economic activities, so as to improve their capacity, toward yielding widespread benefits for employment, productivity and national growth outcomes.

The former minister also unveiled the “Many Roads” survey, a nationwide initiative designed to document the origins of Nigerian enterprises and generate data-driven insights into the country’s entrepreneurial ecosystem development.

She said that the survey would collect stories of family businesses to map cultural and generational influences shaping entrepreneurship, while providing evidence-based insights for policymakers, investors and the general public.

Adeosun said that findings from the survey would be published on the platform, forming the foundation for policies and programmes, aimed at reducing startup failures and strengthening enterprise development nationwide.

She added that Nidacity was built on key pillars, including education, business resources, entrepreneur profiles, podcast storytelling and news analysis, all designed to address challenges facing Nigerian entrepreneurs.

According to her, the platform will deliver content through digital, audio and community channels, providing practical guidance and relevant information to help entrepreneurs navigate Nigeria’s evolving business environment successfully. NAN