The Federal Government has once again underscored its unwavering commitment to strengthening Nigeria’s micro, small, and medium enterprises (MSMEs), positioning them as the cornerstone of the nation’s economic transformation agenda.
At the 6th Annual Lecture of the Development Bank of Nigeria (DBN) in Abuja, Vice President Kashim Shettima—represented by Dr. Tope Fasua, Special Adviser to the President on Economic Affairs—stressed that MSMEs lie at the very heart of the administration’s Renewed Hope Agenda. He described the sector as the powerhouse of job creation, innovation, and inclusive prosperity, not a peripheral actor in economic policy.
“MSMEs are not fringe participants; they are the heartbeat of our economy, accounting for over 80 percent of employment and making significant contributions to GDP. With clear policies and enabling infrastructure, institutions like DBN remain vital partners in transforming vision into tangible results,” Shettima said.
He highlighted ongoing reforms designed to build a more business-friendly economy, including the removal of fuel subsidy, unification of foreign exchange rates, renewal of critical infrastructure, deeper investment in human capital, and stronger global economic partnerships. These interventions, he noted, are carefully structured to unlock enterprise growth, attract private capital, and expand opportunities for small businesses nationwide.
Reaffirming DBN’s catalytic role, Managing Director and CEO, Tony Okpanachi, disclosed that the bank had disbursed over N1.1 trillion to MSMEs via 79 participating financial institutions, impacting more than 700,000 enterprises by December 2024. He described DBN not merely as a source of financing, but as “a convener of ideas, a capacity builder, and a true partner in Nigeria’s national transformation journey.”
Enjoying this article? Share it with your network!
Adding further weight, Director General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Charles Odii, announced fresh policies to make Nigerian MSMEs more globally competitive. These include regulatory reforms to ease export processes, provision of shared infrastructure such as garment production hubs, broader access to financial and non-financial support, and innovative logistics partnerships with operators like God Is Good Logistics and Lifeworks.
“These are deliberate steps to ensure our SMEs are not just visible on the global stage but truly competitive,” Odii noted, referencing Nigeria’s recent recognition as “Best Pavilion” at the International Africa Trade Fair as proof of increasing international relevance.
Delivering the keynote, Kenyan entrepreneur Flora Mutahi urged African small businesses to deliberately scale beyond survival stage as a strategic response to youth unemployment. She reminded participants that while Africa welcomes 10–12 million young job seekers annually, only 3–4 million formal jobs are created, underscoring the urgency of small enterprises becoming major employers.
Participants at the gathering—including policymakers, financiers, and entrepreneurs—unanimously agreed that Nigeria’s economic destiny hinges on the vibrancy and resilience of its MSMEs. They called for deeper collaboration between government, the private sector, and financial institutions to unlock the sector’s full potential as the driver of sustainable development.
