By Jemimah Wellington, JKNewsMedia Correspondent
NIGERIA’s PRESIDENT Bola Tinubu has reaffirmed that his administration’s N200 billion intervention funds for micro, small, and medium enterprises (MSMEs) and manufacturers was designed to restore competitiveness, deepen productivity, and ease structural bottlenecks confronting Nigerian businesses.
The President said the intervention is part of deliberate economic reforms that have begun yielding measurable results across sectors, with Nigeria’s growth trajectory surpassing earlier projections from multilateral institutions and domestic experts.
Speaking at the opening of the 31st Nigerian Economic Summit in Abuja, President Tinubu, represented by Vice President Kashim Shettima, said the success of ongoing reforms reflects a conscious balance between economic rationality and public expectation.
He noted that his administration’s approach was guided by realism, fiscal discipline, and the determination to create tangible benefits for citizens.
He said: “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 N200 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.”
President Tinubu attributed the gradual stabilisation of Nigeria’s economy to the patience and resilience of citizens who have endured the initial discomfort of structural reforms.
He said: “As experts in the economy, you know more than the average citizen that the stability in our foreign exchange market is not accidental. It reflects deliberate choices guided by the same economic wisdom that gatherings such as this embody.
“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, whose patience and understanding have been the bedrock of our endurance.
“To them, I say: the better days we promised are already within sight.”
The President observed that there is now a “resounding consensus” among economic analysts that his administration’s reform policies have stabilised the macroeconomic environment.
He cited current indicators showing that the Nigerian economy expanded to N372.8 trillion in 2024, up from N309.5 trillion in 2023.
He added that total revenue collection had also grown from N19.9 trillion in 2023 to N25.2 trillion in 2024, and by August 2025, revenue had already reached N27.8 trillion, surpassing the projected N18.32 trillion.
According to him, these milestones were consistent with his administration’s promise to reduce Nigeria’s debt service-to-revenue ratio from 97 per cent to sustainable levels.
He further revealed that the ratio had now declined to less than 50 per cent, which had prompted international rating agencies to revise Nigeria’s outlook upwards.
He said: “I am proud to share that this performance, in our early days in office, inspired Fitch to upgrade Nigeria’s sovereign rating to B with a stable outlook, and Moody’s to lift our issuer rating to B3 with a stable outlook. Both praised our improved economic foresight and clearer policy direction as their barometers.”
For non-oil revenue, President Tinubu noted a 411 per cent year-on-year increase as of August 2025, while the tax-to-GDP ratio has risen to 13.5 percent, almost double the 7 percent recorded a few years ago.
He further disclosed that the debt-to-GDP ratio now stands at 38.8 per cent, significantly below the thresholds set by the Fiscal Responsibility Act, ECOWAS, and the World Bank.
He said the figures demonstrate that Nigeria is better positioned to consolidate gains and pursue inclusive growth.
“The numbers speak volumes of a nation prepared for the present, just as they represent the promise we have made to Nigerians,” he stated.
On fiscal relations, President Tinubu said the increase in monthly federal allocations to states was intentional to ensure equitable development and empower subnational governments to address region-specific needs.
He explained: “I 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.”
He assured that every reform introduced by his administration was based on careful reflection and national interest, while commending economic stakeholders for their consistent engagement, constructive criticism, and commitment to the country’s progress.
The President reaffirmed his commitment to domestic revenue mobilisation and transparency through the four Tax Reform Acts recently signed into law.
He said the new laws will boost non-oil income, protect low-income earners, and modernise tax administration.
“These reforms protect low-income earners, ensure fairness in corporate taxation, and strengthen digital innovation in tax administration.
“By promoting transparency and coordination among all tiers of government, we are laying the foundation for a fairer and more prosperous Nigeria,” he said.
Declaring the summit open, President Tinubu expressed optimism that the meeting would deepen collaboration between the government and the private sector and yield solutions that advance national prosperity.
Earlier, the Minister of Budget and Economic Planning, Senator Atiku Bagudu, described the partnership between his ministry and the Nigerian Economic Summit Group (NESG) as a long-standing alliance that has fostered dialogue and public-private cooperation for over three decades.
He noted that since May 2023, the administration had pursued reforms under the Renewed Hope Agenda aimed at boosting productivity and gradually easing the cost of living.
Also speaking, the Chairman of the NESG, Mr Olaniyi Yusuf, urged policymakers to prioritise security as a foundation for sustainable economic growth. He said, “Tackling insecurity in rural and urban areas alike is vital to unlock productivity and restore confidence.”
The Vice Chairman of the NESG, Mr Boye Olusanya, lauded the administration’s bold policy choices, particularly in stabilising the foreign exchange market, implementing tax reforms, and removing fuel subsidies.
He said these steps are critical to achieving Nigeria’s ambition of becoming a trillion-dollar economy by 2030.
However, he cautioned that a reversal of key decisions could undermine progress and slow the country’s development trajectory.
Among those present were 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.
The 31st Nigerian Economic Summit marked a reaffirmation of Nigeria’s economic direction, anchored on reforms, fiscal discipline, and inclusion—towards building a competitive and sustainable economy.
