| Says economic stability due to Nigerians’ sacrifices, promises better days ahead
President Bola Ahmed Tinubu has explained that the ₦200 billion intervention fund recently established by his administration for micro, small and medium enterprises (MSMEs) and manufacturers is aimed at addressing structural challenges, boosting competitiveness, and empowering young entrepreneurs across Nigeria.
Speaking at the opening of the 31st Nigerian Economic Summit in Abuja on Monday, President Tinubu, who was represented by Vice President Kashim Shettima, said the initiative is part of a broader effort to ensure that economic reforms translate into tangible benefits for ordinary Nigerians.
He noted that the intervention would enable young Nigerians to access grants, loans, and equity investments of up to $100,000 to scale their businesses, innovate, and create jobs.
“As a people-oriented government, our priority remains restoring hope to the unemployed, the poor, the excluded, and the vulnerable,” 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.”
President Tinubu attributed the progress made in stabilising the economy to the sacrifices and patience of Nigerians, noting that recent improvements in the foreign exchange market, public finances, and investor confidence were the outcomes of deliberate and tough economic choices.
“The stability in our foreign exchange market is not accidental. Along with subsidy removal, these decisions have rescued our public finances, stabilised the economy, and reassured investors at home and abroad. We owe this progress to the sacrifices of Nigerians,” he said.
The President highlighted that Nigeria’s economy had expanded to ₦372.8 trillion in 2024, up from ₦309.5 trillion in 2023, with total revenue collections also rising from ₦19.9 trillion in 2023 to ₦25.2 trillion in 2024. As of August 2025, revenues stood at ₦27.8 trillion, surpassing the projected target of ₦18.32 trillion.
He further revealed that the country’s debt service-to-revenue ratio had fallen from 97 per cent to below 50 per cent, while Fitch and Moody’s upgraded Nigeria’s sovereign and issuer ratings, citing improved policy direction and fiscal discipline.
On non-oil revenue, Tinubu said collections grew by 411 per cent year-on-year as of August 2025, with Nigeria’s tax-to-GDP ratio rising to 13.5 per cent from 7 per cent a few years ago.
He explained that the recent increase in federal allocations to states was part of efforts to empower the federating units to pursue development tailored to their specific needs.
“Every reform we have introduced has been inspired by deep reflection and the courage to act in the interest of the nation,” Tinubu stated.
He also reaffirmed his commitment to a fairer tax system through four newly signed Tax Reform Acts designed to boost domestic revenue, protect low-income earners, and simplify compliance.
Earlier, the Minister of Budget and Economic Planning, Senator Atiku Bagudu, lauded the long-standing partnership between his ministry and the Nigerian Economic Summit Group (NESG), describing it as vital to Nigeria’s economic growth.
NESG Chairman, Mr. Olaniyi Yusuf, and Vice Chairman, Mr. Boye Olusanya, both praised the administration’s economic reforms but urged the government to prioritise security and continuity of key policies to sustain investor confidence.
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.