By Ihechi Enyinnaya
President Bola Ahmed Tinubu has said his administration established the ₦200 billion intervention fund for micro, small, and medium enterprises (MSMEs) and manufacturers to help them overcome structural challenges and enhance competitiveness in the Nigerian economy.
Speaking at the opening of the 31st Nigerian Economic Summit (NES) in Abuja on Monday, President Tinubu—represented by Vice President Kashim Shettima—said the initiative was part of the administration’s broader efforts to stabilize the economy, stimulate job creation, and rekindle hope among poor and vulnerable citizens.
“As a people-oriented government, our priority remains restoring hope to the unemployed, the poor, the excluded, and the vulnerable,” the President said. “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.”
The President noted that the ₦200 billion fund, along with the expansion of digital micro-loans, had boosted financial inclusion and empowered small businesses across the country.
Highlighting the progress made under his administration, President Tinubu said Nigeria’s Gross Domestic Product (GDP) grew by 4.23 percent in September 2025, with the economy expanding from ₦309.5 trillion in 2023 to ₦372.8 trillion in 2024. He added that total revenue collection rose from ₦19.9 trillion in 2023 to ₦27.8 trillion by August 2025, surpassing earlier projections.
The President attributed these gains to deliberate policy choices, including subsidy removal and reforms in the foreign exchange market, which he said had rescued public finances and restored investor confidence.
“The stability in our foreign exchange market is not accidental. It reflects deliberate choices guided by sound economic wisdom,” he said, commending Nigerians for their sacrifices during the economic reforms. “The better days we promised are already within sight.”
President Tinubu also said the administration’s reforms had reduced the nation’s debt service-to-revenue ratio from 97 percent to less than 50 percent, earning Nigeria sovereign rating upgrades from Fitch and Moody’s.
He reiterated that the recent signing of four Tax Reform Acts would boost domestic revenue, protect low-income earners, and promote fairness in taxation, while simplifying compliance and improving transparency.
The President further explained that increased monthly allocations to states were designed to empower federating units to execute development projects and social programmes tailored to local needs.
Minister of Budget and Economic Planning, Senator Atiku Bagudu, commended the long-standing partnership between his ministry and the Nigerian Economic Summit Group (NESG), describing it as pivotal to shaping national economic policy.
Chairman of NESG, Mr. Olaniyi Yusuf, emphasized the need to prioritize security as a key enabler of reforms, while Vice Chairman, Mr. Boye Olusanya, lauded the administration’s policy direction but cautioned against reversing key economic decisions.
Other dignitaries at the summit included the Coordinating Minister of Finance and the Economy, Mr. Wale Edun; Minister of Trade, Industry and Investment, Dr. Jumoke Oduwole; Minister of Agriculture and Food Security, Senator Abubakar Kyari; and Minister of Communications and Digital Economy, Mr. Bosun Tijjani.