Former Minister of Finance, Kemi Adeosun, has launched a new entrepreneurial platform, Nidacity, aimed at strengthening Nigerian startups and reducing the country’s high business failure rate.
The platform, which officially went live this week, is designed to provide entrepreneurs—particularly young and female founders—with practical education, mentorship, and business intelligence to build sustainable ventures.
Adeosun said the initiative was driven by the urgent need to address Nigeria’s startup crisis, where as many as 95 per cent of new businesses fail within their first five years. She noted that with small and medium enterprises (SMEs) accounting for about 85 per cent of employment, the ripple effects of such failures are deeply felt across communities nationwide.
Describing Nidacity as an investment rather than a charity, Adeosun emphasised that empowering entrepreneurs could significantly boost job creation and economic growth.
“Nigeria’s entrepreneurs are already doing something extraordinary by creating the majority of jobs with limited support. If we help more of these businesses survive, the employment gains will be enormous,” she said.
As part of its rollout, Nidacity has launched its first major initiative, the “Many Roads” survey, a nationwide digital project aimed at documenting the origins and evolution of Nigerian businesses.
The survey invites Nigerians to share the stories behind their family enterprises, with the goal of building a comprehensive archive of the country’s entrepreneurial history and uncovering the cultural and structural drivers behind business resilience.
Adeosun explained that findings from the survey would be shared with policymakers, investors, educators, and the public, forming a data-driven foundation for improving enterprise development strategies in Nigeria.
The platform is built around five key pillars, including a flagship podcast featuring founder interviews, entrepreneur profiles for peer learning, business tools and resources, structured educational content, and news analysis tailored to the evolving needs of Nigerian entrepreneurs.
Delivered through digital, audio, and community-based formats, Nidacity aims to provide a holistic support system for startups navigating Nigeria’s challenging business environment.
Stakeholders say the initiative could play a critical role in reshaping the entrepreneurial landscape by equipping business owners with the knowledge and tools needed to thrive in a competitive economy.