Tinubu explains ₦200bn fund for MSMEs at 31st Nigerian Economic Summit
Tinubu explains ₦200bn fund for MSMEs at 31st Nigerian Economic Summit
Abdullateef Fowewe
President Bola Tinubu has detailed why his administration established a ₦200 billion intervention fund to support micro, small, and medium enterprises (MSMEs) and manufacturers.
Speaking at the 31st Nigerian Economic Summit in Abuja, he underlined the fund’s role in helping these sectors overcome structural challenges and boost competitiveness.
Represented Vice President Kashim Shettima, the president said, “We established a ₦200 billion intervention fund to support micro, small, and medium enterprises and manufacturers, helping them overcome structural challenges and enhance competitiveness.”
He also highlighted the government’s efforts to aid poor, vulnerable, and unemployed citizens, especially youth, with access to grants and loans.
Tinubu attributed the progress in stabilizing Nigeria’s economy to the sacrifices and patience of Nigerians, stating, “The stability in our foreign exchange market is not accidental. It reflects deliberate choices. We owe this progress to the sacrifices of Nigerians, whose patience and understanding have been the bedrock of our endurance.”
Key economic achievements mentioned include a GDP growth of 4.23% as of September 2025, increased revenue collection surpassing targets, and improved credit ratings from Fitch and Moody’s.
The president noted the debt-to-GDP ratio now stands at 38.8%, well below the statutory limit, and the tax-to-GDP ratio has risen to 13.5%.
On fiscal federalism, Tinubu explained increasing federal allocations to states is critical, saying, “The secret to a successful federation lies in empowering each federating unit with the resources and autonomy to pursue development peculiar to its needs.”
He also reaffirmed the administration’s commitment to tax reforms, highlighting their goals to boost domestic revenue and ensure fairness stressing, “These reforms protect low-income earners, ensure fairness in corporate taxation, and strengthen digital innovation in tax administration.”
Other speakers at the summit stressed the importance of security for economic reforms and sustainable development.
NESG Chairman Olaniyi Yusuf said, “Tackling insecurity in rural and urban areas alike is vital to unlock productivity and restore confidence.”
