More than 40 Nigerian small and medium-sized enterprises (SMEs) have been selected from over 550 applications for the inaugural Grow Enterprise Africa (GEA) SME Accelerator, an eight-week programme designed to help businesses strengthen their operations, expand into new markets and become better prepared for investment.
The programme, formally launched on September 19 at The Good House in Lagos, has brought together entrepreneurs from different parts of the country alongside business professionals, faculty members, partners and other stakeholders in the private sector.
The participating businesses were selected from 14 states and the Federal Capital Territory, reflecting the geographical spread of the initiative. The cohort includes entrepreneurs from Lagos, Kaduna, Akwa Ibom, Taraba, Abuja, Kano, Adamawa, Kwara, Kebbi and Oyo, among other locations.
According to GEA, agriculture accounts for the largest share of the participating businesses. A significant number of the companies have also been operating for between five and 10 years, with the average business employing about four to eight people.
The organisation said the accelerator was established in response to the challenges confronting businesses that have moved beyond the start-up stage but continue to struggle with the systems, processes and financing required for sustained growth.
Tackling the structural challenges facing SMEs
The programme is built around the idea that having a viable product or service is not, by itself, enough to ensure that a small business can scale.
Over the eight-week programme, founders will receive training, mentorship and practical assignments covering management, governance, marketing, sales and finance.
The curriculum is divided into five major areas: People and Leadership; Legal and Governance; Marketing and Brand Visibility; Sales and Market Growth; and Finance and Capital Readiness.
GEA said the approach is intended to help participating businesses identify weaknesses in their existing operations and introduce systems that can support more sustainable expansion.
Speaking at the launch, GEA founder, Remi Ademiju, said stronger SMEs could have a broader effect on economic development by creating more sustainable enterprises and employment opportunities.
“A thriving SME sector is the bedrock of a prosperous society. Entrepreneurs play a vital role in driving economic development, and their growth directly shapes the socio-economic advancement of our communities,” Ademiju said.
He added:
“At GEA, our purpose is to bridge critical growth gaps. Through the SME Accelerator, we are equipping founders with the structure, insight, network and access to finance and markets needed to scale sustainably and contribute meaningfully to the economy.”
Focus shifts from survival to sustainable growth
Unlike programmes that focus primarily on entrepreneurship education or business motivation, the GEA accelerator is structured around specific operational and commercial needs.
Participants will work with professionals and other entrepreneurs as they examine how their businesses are managed, how decisions are governed, how products are marketed, how customers are converted into sales and how financial information can be used to support business decisions.
GEA said the programme is expected to produce three broad outcomes: improved readiness for external investment and financing, stronger sales and market access, and more effective internal management and business systems.
The organisation, however, stressed that participation in the programme does not automatically translate into funding or investment.
Rather, the objective is to improve the quality and readiness of participating businesses before connecting suitable companies with potential investors, lenders and other sources of capital.
Business experts lead faculty
The accelerator's faculty comprises professionals with experience across human resources, corporate governance, finance, marketing and commercial strategy.
Among them are Goodness Armstrong, founder of StartupHR Africa and former HR Business Partner at Microsoft; Rosemond Phil-Othihiwa, Chairperson of the Corporate Governance and Compliance Committee of the Nigerian Bar Association Section on Business Law; and Florence Damilola Olatunbosun, co-founder of SME financial management service Akkant.
The faculty also includes Victor Bella, founder of marketing company Socialander, and Lolia Kienka, who is leading the programme's sales component.
Kienka said the participating businesses already had entrepreneurial ambition and products or services but needed stronger and more consistent processes to translate opportunities into revenue.
“These founders are not short of ambition or of good products. What most of them are missing is a repeatable sales process,” she said.
“My sessions will focus on building one: knowing who is worth chasing, and what happens next every single time.”
According to Kienka, the interaction with participants during the opening sessions showed a demand for practical systems that could be applied directly to their businesses.
“These entrepreneurs are not looking for motivation; they are looking for structure. That is precisely what a well-run accelerator should give them,” she added.
Entrepreneurs seek market access, networks
For participants, expectations from the programme extend beyond classroom learning.
Joyce Folaranmi, founder of Agro Haven, said the early sessions had already provided useful lessons and expressed interest in building relationships with other entrepreneurs participating in the programme.
“I’m quite excited about the programme. The few sessions we had have been insightful. The facilitators know their onions, and they’ve been able to pass down that knowledge as well,” Folaranmi said.
She added:
“I’m looking forward to learning more, connecting with other builders, and taking advantage of all the programme has to offer.”
Paul James Eteudo, founder of Vegituber Farms Limited, described the launch as interactive and said he expected the programme to create opportunities for his business to expand its commercial relationships.
“It was an interactive and engaging experience. I loved the intimacy of the gathering. It gave room for everyone to be seen and heard,” Eteudo said.
“My team and I look forward to getting more market access, funding opportunities, amongst other collaborations that will be profitable for our enterprise.”
Building an investment pipeline
GEA's plans extend beyond the eight-week curriculum.
The organisation said it intends to maintain relationships with participating businesses after the programme and work towards creating links with corporate organisations, development finance institutions, banks, other financial institutions and angel investors.
The strategy is expected to help create a pipeline of SMEs that are better positioned to engage potential financiers because of improvements in areas such as governance, financial management, sales and operational systems.
For participating businesses, the longer-term value of the programme will ultimately depend on whether the training translates into measurable changes in their operations.
Indicators such as increased revenue, job creation, entry into new markets, access to capital and business survival could provide a clearer picture of the programme's impact over time.
Positioning itself as an SME support organisation, GEA provides practical business education, mentorship, professional networking and access to business opportunities.
Through its first accelerator cohort, GEA is tackling a persistent challenge for Nigerian entrepreneurs: moving beyond a viable product or service to build the systems, processes, market relationships and financial readiness required for sustainable growth.