Tinubu Urges Bold Investment in Nigeria’s SMEs, Key to Economic Growth
Asiwaju bola Ahmed Tinubu
Samuel Mobolaji
President Bola Tinubu has reaffirmed the crucial role of Small and Medium Enterprises (SMEs) in driving Nigeria’s economic development, noting that they account for 90 per cent of businesses and contribute nearly half of the nation’s Gross Domestic Product (GDP).
Speaking at the 2024 National SMME Conference in Abuja, Tinubu highlighted the importance of SMEs in poverty alleviation, rural industrialization, and sustainable development, as they provide employment for over 60 million Nigerians, many of whom are young people.
Highlighting his administration’s efforts, Tinubu spoke about initiatives to reduce production costs, improve localization of production, and foster digital innovation. He also emphasized the government’s commitment to transitioning from a raw material-export economy to one focused on processing and innovation.
The President praised the conference, themed “GROW Nigerian: Sustaining a Digital and Innovation-Driven Economy,” as a platform for critical dialogue and collaboration. He also acknowledged the ongoing efforts of SMEDAN and other stakeholders in supporting SME growth, noting the agency’s mobilization of over N9 billion in affordable finance for the sector.
In addition, Speaker of the House of Representatives, Tajudeen Abbass, and other key officials echoed their support for creating an enabling environment for SMEs to thrive, emphasizing the sector’s potential to achieve Nigeria’s $1 trillion economy target.
With over N200 billion earmarked to revitalize the sector, including grants and low-interest loans, Tinubu called on entrepreneurs to embrace innovation and lead Nigeria toward a more prosperous future.
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