Nidacity Platform Launches to Combat Nigeria's High Startup Failure Rate
Former Minister of Finance, Kemi Adeosun, has officially launched a new private sector initiative called Nidacity, designed to address the alarming rate of startup failures in Nigeria. The digital platform went live on Tuesday, March 31, 2026, with the primary goal of equipping entrepreneurs, especially young and female founders, with practical knowledge, mentorship, and business intelligence to build resilient and sustainable businesses.
Addressing a Critical Challenge
Speaking at the launch event, Adeosun highlighted the urgent need to confront Nigeria's startup failure rate, which is estimated at 95 percent within the first five years. She noted that while Nigeria boasts the world's highest entrepreneurship rate, most businesses struggle to survive beyond this period. Small and Medium Enterprises (SMEs) account for approximately 85 percent of employment in the country, making the human cost of these failures deeply felt across communities.
"Nigeria has the world's highest entrepreneurship rate, yet most businesses do not survive beyond five years," Adeosun stated. "This situation presents an opportunity to strengthen our economic base by supporting those already driving job creation. If we can help more of these businesses survive and grow, the employment gains for Nigeria will be enormous."
Key Initiatives and Structure
As part of its rollout, Nidacity has introduced the "Many Roads" Survey, a nationwide digital project aimed at documenting the origins and evolution of Nigerian entrepreneurship. This survey seeks to explore how Nigeria's deeply rooted entrepreneurial culture has emerged and continues to thrive across generations. The findings are expected to generate data-driven insights into the structural and cultural drivers of enterprise, which will be shared with policymakers, investors, educators, and the public to improve business education and reduce startup failure rates.
The platform is structured around five key pillars:
- The Builders Podcast: Featuring conversations with successful entrepreneurs to share experiences and lessons.
- Entrepreneur Profiles: Offering peer learning opportunities through case studies and success stories.
- Resources: Providing tools and guides to tackle operational challenges faced by startups.
- Education: Delivering practical training through digital courses and webinars on essential business skills.
- News Analysis: Helping entrepreneurs navigate the evolving business environment with timely insights and updates.
Nidacity delivers its content through digital, audio, and community-based formats, tailored to Nigeria's unique economic realities to ensure accessibility and relevance.
Background and Vision
Kemi Adeosun, an economist and chartered accountant with over three decades of experience, served as Nigeria's finance minister from 2015 to 2018. During her tenure, she implemented fiscal reforms and helped steer the country through an economic recession. She is also the founder of the Dash Me Foundation, a social enterprise focused on supporting vulnerable communities.
With the launch of Nidacity, Adeosun aims to provide Nigerian entrepreneurs with the necessary tools, knowledge, and support to build enduring businesses and drive inclusive economic growth. "Nidacity is not a charity, it is an investment in the people already building this economy," she emphasized, underscoring the platform's role in fostering sustainable development.
