…Promises expanded access to credit, jobs, social protection for vulnerable citizens
President Bola Ahmed Tinubu has disclosed why his administration established the ₦200 billion Intervention Fund to support micro, small, and medium enterprises (MSMEs) and manufacturers, saying it became necessary to assist them in boosting competitiveness and addressing structural challenges.
President Tinubu who stated this in Abuja yesterday, when he officially declared open the 31st Nigerian Economic Summit (NES), noted that the belief in the nation’s economic experts had been the magic wand behind his administration’s ongoing reforms.
Represented at the summit by his deputy, Vice-President Kashim Shettima, the President maintained that all decisions taken by his administration had been “guided by the pursuit of balance between economic logic and public expectation”.
He said beyond the GDP growth of 4.23% recorded in September 2025, the economic reforms spearheaded by his administration have started yielding tangible results across sectors, surpassing projections from multilateral agencies and indigenous economic experts.
Stating why the administration established the ₦200 billion intervention fund to support MSMEs and manufacturers, President Tinubu restated his administration’s resolve to rekindle hope for poor, vulnerable and jobless Nigerians by creating corridors for them, especially the youth, to access loans, grants and equity investments.
His words: “As a people-oriented government, our priority remains restoring hope to the unemployed, the poor, the excluded, and the vulnerable. We have created pathways for young Nigerians to access grants, loans, and equity investments of up to 100,000 dollars to scale their enterprises, innovate, and build sustainable livelihoods.
“We established a ₦200 billion intervention fund to support micro, small, and medium enterprises and manufacturers, helping them overcome structural challenges and enhance competitiveness.
“Our expansion of digital micro-loan access has improved financial inclusion, empowering small businesses and stimulating community-level productivity. These efforts underline our commitment to an economy that works for all Nigerians”.
The Nigerian leader attributed the significant progress his administration has made so far in stabilising Nigeria’s economy and rescuing public finance to the patience and sacrifices made by Nigerians.
The President acknowledged what he described as a “resounding consensus” that ongoing reforms by his administration have stabilised the nation’s macroeconomic environment, with the economy “expanding to ₦372.8 trillion in 2024, up from ₦309.5 trillion in 2023”.
On why his administration increased monthly federal allocations to states, enabling them to fund critical projects and social interventions, President Tinubu said he came to office “fully aware that the secret to a successful federation lies in empowering each federating unit with the resources and autonomy to pursue development peculiar to its needs”.
The President further assured that the four Tax Reform Acts he recently signed into law “will boost domestic revenue mobilisation, reduce dependence on oil, and simplify compliance”.
Declaring the 31st NESG open, President Tinubu told participants that he was looking forward to their fruitful deliberations.
Earlier, the Minister of Budget and Economic Planning, Senator Atiku Bagudu, lauded the partnership between his ministry and the NESG, saying it had blossomed for over 30 years, ensuring public and private cooperation for the development of the Nigerian economy.
For his part, the NESG Chairman, Olaniyi Yusuf, advised relevant stakeholders and authorities to address security as an enabler of reforms, noting that without peace, reforms cannot take root, investors cannot take risks, and Nigerian youths cannot find opportunities for prosperity.
Dignitaries who graced the event include the Coordinating Minister of Finance and the Economy, Wale Edun; Minister of Trade, Industry and Investment, Dr. Jumoke Oduwole; Minister of Agriculture and Food Security, Sen. Abubakar Kyari; and Minister of Communications and Digital Economy, Bosun Tijjani.
