As a complement to its microfinance policy and also to ensure the sustained supply of skilled
entrepreneurs to take advantages available to Micro, Small and Medium Enterprises (MSMEs), the
Central Bank of Nigeria [CBN] in 2006 initiated plans to support the efforts of the Small and Medium
Enterprises Agency of Nigeria (SMEDAN), National Directorate of Employment (NDE), National
Poverty Eradication Programme (NAPEP), Industrial Training Fund (ITF) etc by establishing or
strengthening one CBN approved Entrepreneurship Development Centre [EDC] in each of the six geo-political zones in Nigeria.
The CBN EDC Centres in Nigeria provide physical structures, training materials, equipment, human resources, and other facilities that would assure internationally competitive, effective, and sustainable services capable of meeting the needs of MSMEs in the country. This is to encourage private entrepreneurship, self-employment, job creations, income growth, poverty eradication, and economic development.
The CBN Entrepreneurship Development Centres (CBN EDCs) which target those with at least secondary education has the following specific objectives:
To develop entrepreneurship spirit amongst Nigerians and provide insight into the tools,
techniques and framework for managing all functional areas of business enterprise, including
production, marketing, personnel, and finance.
To develop skills of would-be-entrepreneurs to successfully start, expand, diversify and
manage business enterprises as well as link them with financial institutions for start-up capital,
especially microfinance banks.
To generate employment opportunities for Nigerians in pursuance of the provisions of the
National Economic Empowerment and Development Strategy [NEEDS] and recently vision
To raise a new class of entrepreneurs/owners, who can compete globally and succeed in
managing MSMEs and provide the bridge for future industrialization of the country.