Entrepreneurship is a key driver of economic growth and development in Nigeria. And that is why we are bringing to your reading notice a new ‘State of Entrepreneurship Index Report for Nigeria’ by the FATE Institute of the popular FATE Foundation.
The Fate Institute State-Level Entrepreneurial Index Ranking measures the enabling environment for entrepreneurship in each state of the country, including access to finance, infrastructure, and human capital.
Both the public and private sectors are playing significant roles in the development of these states.
Measured according to business performance, skills acquisition, innovation and technology adoption, perception of future opportunities, enabling business environment, index score and rank, the top 10 states leading entrepreneurship development in Nigeria according to the 2022 ranking are:
1. Imo
Imo State has made significant strides in entrepreneurship development, particularly in the technology sector. The state has a growing number of startups and incubators, and has invested in infrastructure development to support entrepreneurship.
The state government has launched several initiatives to support small businesses and startups, and the local ecosystem has seen an influx of investment and innovation.
One of the most notable entrepreneurship development initiatives in Imo State is the Imo State Investment Promotion Agency (ISIPA), which was established to attract investment to the state and support the growth of small and medium-sized enterprises (SMEs). ISIPA offers a range of services to entrepreneurs and investors, including investment facilitation, business registration, and access to funding.
Imo State’s business performance was 0.17, with skills acquisition of 0.16, innovation and technology adoption measured 0.18, perception of future opportunities was 0.22, enabling business environment indicated 0.08, while index score was 0.82 and rank was 1.
2. Bauchi
Bauchi State has a relatively young population and has invested in human capital development. The state has also launched several initiatives to support entrepreneurship and innovation, including a technology hub. With business performance of 0.15, Bauchi measured 0.14 for skills acquisition, 0.17 in innovation and technology adoption, 0.21 for perception of future opportunities, enabling business environment was 0.05, index score was 0.72, with rank of 2.
Bauchi State Investment Promotion Agency (BIPA), was established to attract investment to the state and support the growth of small and medium-sized enterprises (SMEs). BIPA offers a range of services to entrepreneurs and investors, including investment facilitation, business registration, and access to funding.
In addition to BIPA, Bauchi State has also established the Bauchi State Small and Medium Enterprises Development Agency (BASMEDA), which provides training and capacity building for SMEs, as well as access to finance and other resources.
3. Delta
Delta State has a strong manufacturing base and has launched several initiatives to support entrepreneurship and attract investment. The state has also invested in infrastructure development to support entrepreneurship. While the state’s business performance was 0.16, its skills acquisition was 0.12, innovation and technology adoption was 0.13, perception of future opportunities measured 0.23, enabling business environment was fixed at 0.05, while index score and rank were 0.70 and 3 respectively.
Delta State Investment Development Agency (DIDA), which was established to attract investment to the state and support the growth of small and medium-sized enterprises (SMEs). DIDA offers a range of services to entrepreneurs and investors, including investment facilitation, business registration, and access to funding.
In addition to DIDA, Delta State has also established the Delta State Small and Medium Enterprises Development Agency (DESMEDA), which provides training and capacity building for SMEs, as well as access to finance and other resources.
The state government has also launched several other initiatives to support entrepreneurship development, such as the Delta State Micro, Small and Medium Enterprises Development Fund, which provides funding and technical assistance to SMEs, and the Delta State Innovation Hub, which provides a platform for entrepreneurs to access resources and collaborate with other startups.
4. Plateau
Plateau State, which ranked fourth has a growing tourism sector and has invested in infrastructure development to support entrepreneurship. The state has also launched several initiatives to support innovation and technology.
Plateau State Small and Medium Enterprises Development Agency (PLASMEDA), established to provide training, funding and support to SMEs in the state, offers a range of services to entrepreneurs and investors, including business advisory, mentorship, and access to finance.
In addition to PLASMEDA, Plateau State has also established the Plateau State Information and Communication Technology Development Agency (PICTDA), which provides training and capacity building for SMEs in the technology industry, as well as access to funding and other resources.
The state government has also launched several other initiatives to support entrepreneurship development, such as the Plateau State Youth Entrepreneurship Scheme (PL-YESS), which provides training and funding for young entrepreneurs, and the Plateau State Economic and Investment Summit, which provides a platform for entrepreneurs to network and access funding opportunities.
In business performance it had a score of 0.15, skills acquisition of 0.15, innovation and technology adoption was also 0.15, perception of future opportunities, 0.21, enabling business environment was 0.04, with an index score of 0.69.
5. Gombe
Despite being a relatively small state, Gombe has made significant progress in the technology space in recent years, thanks to the efforts of the state government, private sector, and tech enthusiasts.
One of the most notable technology initiatives in Gombe is the Gombe State Innovation Hub, which was established by the state government to support tech startups and innovation. The hub provides co-working spaces, mentorship, funding opportunities, and access to a network of tech experts and investors.
In addition to the innovation hub, Gombe has also launched several other initiatives to support technology and innovation, such as the Gombe Goes Digital program, which aims to digitize government services and processes, and the Gombe Tech Academy, which provides training and skills development for young people in tech-related fields.
In business performance, it measured 0.15, skills acquisition; 0.14, innovation and technology adoption; 0.15, perception of future opportunities; 0.20, enabling business environment; 0.04, index score; 0.69 and rank of 5.
6. Bayelsa
Bayelsa State has a growing technology ecosystem, with several startups and incubators. The state has also invested in infrastructure development to support entrepreneurship.
One of the most notable entrepreneurship development initiatives in Bayelsa State is the Bayelsa State Microfinance & Enterprise Development Agency (BYMEDA), which was established to provide training, funding and support to SMEs in the state. BYMEDA offers a range of services to entrepreneurs and investors, including business advisory, mentorship, and access to finance.
Business performance was 0.14, skills acquisition; 0.14, innovation and technology adoption; 0.15, perception of future opportunities; 0.20, enabling business environment; 0.05, index score; 0.68 and rank; 6.
7. Edo
Edo State has a growing technology ecosystem, with several startups and incubators. The state has also established a venture capital fund to support early-stage startups.
Business performance was 0.14, skills acquisition; 0.13, innovation and technology adoption; 0.14, perception of future opportunities; 0.21, enabling business environment; 0.05, index score; 0.67 and rank; 7.
A significant move in the state is the Edo State Skills Development Agency (EdoJobs), which was established to provide training, funding and support to SMEs in the state. EdoJobs offers a range of services to entrepreneurs and investors, including business advisory, mentorship, and access to finance.
The State has also established the Edo State Innovation Hub, which provides training and capacity building for SMEs in the technology industry, as well as access to funding and other resources.
8. Kaduna
Kaduna State has invested in infrastructure development, particularly in the transportation sector. The state has also launched several initiatives to support entrepreneurship and attract investment.
Business performance; 0.12, skills acquisition; 0.12, innovation and technology adoption; 0.17, perception of future opportunities; 0.20, enabling business environment; 0.05, index score; 0.66 and rank of 8.
Kaduna State has built notable entrepreneurship development initiatives including the Kaduna Startup & Entrepreneurship Programme (KADSTEP), which was established to provide training, funding and support to SMEs in the state. KADSTEP offers a range of services to entrepreneurs and investors, including business advisory, mentorship, and access to finance.
In addition to KADSTEP, Kaduna State has also established the Kaduna State ICT Hub, which provides training and capacity building for SMEs in the technology industry, as well as access to funding and other resources.
9. Ebonyi
Ebonyi State has a relatively young population and has invested in human capital development. The state has also launched several initiatives to support entrepreneurship and innovation.
Ebonyi State Ministry of Empowerment and Job Creation was established to provide training, funding, and support to SMEs in the state. The ministry offers a range of services to entrepreneurs and investors, including business advisory, mentorship, and access to finance.
The State has also established the Ebonyi State Centre for Entrepreneurship Development, which provides training and capacity building for SMEs in various industries, as well as access to funding and other resources.
With rank of 9, Ebonyi States business performance was 0.15, skills acquisition was 0.12, innovation and technology adoption; 0.15, perception of future opportunities; 0.19, enabling business environment; 0.04, and index score; 0.65.
10. Benue
Benue State has a growing agriculture sector and has launched several initiatives to support agribusiness and entrepreneurship development, such as the Benue State Micro, Small and Medium Enterprises Development Fund, which provides access to affordable loans for SMEs in the state, and the Benue State Youth Empowerment Scheme, which provides training and funding for young entrepreneurs.
The private sector is also playing a significant role in entrepreneurship development in Benue State. The state has a growing agriculture and agribusiness ecosystem, with several startups and agribusiness incubators, and companies such as Dangote Group, which produces a range of products from cement to sugar, are contributing to the growth of the local economy.
Business performance for Benue State was measured at 0.13, while skills acquisition indicated 0.14. Innovation and technology adoption was 0.15, perception of future opportunities; 0.20, enabling business environment; 0.05, index score of 0.65 and ranked 10.
These 10 states are leading the way in entrepreneurship development in Nigeria, creating a supportive environment for startups and small businesses to thrive.
The ranking is a useful tool for policymakers, investors, and entrepreneurs to identify areas for improvement and investment.
By supporting entrepreneurship, Nigeria can unlock its full economic potential and create jobs for its growing population.
