President Bola Ahmed Tinubu has explained the reason behind the creation of the ₦200 billion intervention fund for micro, small, and medium enterprises (MSMEs) and manufacturers, stating that the move became necessary to help boost competitiveness and address long-standing structural challenges affecting the sector.
Speaking in Abuja on Monday at the opening ceremony of the 31st Nigerian Economic Summit, President Tinubu said the economic reforms led by his administration have begun to deliver measurable progress across several sectors, surpassing expectations from both international and local economic experts.
Represented by Vice President Kashim Shettima, the President said the decisions taken so far by his administration have been “guided by the pursuit of balance between economic logic and public expectation.”
He explained that the ₦200 billion intervention fund was designed to support MSMEs and manufacturers in overcoming operational challenges and enhancing productivity across the economy. According to him, the initiative is part of a wider plan to rekindle hope among vulnerable Nigerians, especially the unemployed youth, by giving them opportunities to access loans, grants, and equity investments.
“As a people-oriented government, our priority remains restoring hope to the unemployed, the poor, the excluded, and the vulnerable,” he 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.
“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.”
President Tinubu also attributed the visible progress in stabilising the economy and improving public finance to the patience and resilience of Nigerians. He emphasized that the stability of the foreign exchange market was the result of deliberate policy actions by his administration.
“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 stated.
Highlighting the nation’s growth performance, Tinubu said there was a consensus that the ongoing reforms had stabilised Nigeria’s macroeconomic environment. He disclosed that the economy expanded to ₦372.8 trillion in 2024, compared to ₦309.5 trillion in 2023.
According to him, total government revenue collection also rose from ₦19.9 trillion in 2023 to ₦25.2 trillion in 2024, and as of August 2025, the figure had reached ₦27.8 trillion, surpassing the revenue target of ₦18.32 trillion.
“These triumphs and projections are guided by the promise we have made to the nation—to grow Nigeria’s debt service-to-revenue ratio from 97 per cent, where we met it, to a sustainable level. Aside from the good news that this ratio has now reduced to less than 50 per cent, 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,” Tinubu said.
On non-oil revenue, the President revealed that it had grown by 411 per cent year on year in August 2025, with Nigeria’s tax-to-GDP ratio now at 13.5 per cent, up from about 7 per cent a few years ago. He added that the country’s debt-to-GDP ratio now stands at 38.8 per cent, which remains below the 60 per cent ceiling set by the Fiscal Responsibility Act and well under the 70 per cent limits set by ECOWAS and the World Bank.
“These numbers speak volumes of a nation prepared for the present, just as they represent the promise we made to Nigerians,” he added.
Explaining why his administration increased the monthly federal allocations to states, President Tinubu said he understood from the beginning 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 stressed that every reform introduced by his government was a product of careful reflection and the courage to act in the best interest of the nation. The President also commended economic experts and public policy stakeholders for supporting his administration through difficult times, noting that their insights, criticism, and collaboration have been instrumental to progress.
“Our collective goal is not comfort in divergence, but progress in convergence,” he said.
President Tinubu further assured that the four Tax Reform Acts he recently signed into law would boost domestic revenue mobilisation, reduce the nation’s dependence on oil, and make tax compliance easier.
“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 31st Nigerian Economic Summit open, the President expressed optimism that the deliberations and recommendations from the summit would help shape policies for sustainable economic growth.
The Minister of Budget and Economic Planning, Senator Atiku Bagudu, also spoke at the event, commending the long-standing partnership between his ministry and the Nigerian Economic Summit Group (NESG). He said the collaboration had strengthened public and private sector cooperation over the years to enhance the nation’s economic development.
Bagudu noted that since May 2023, President Tinubu has introduced significant reforms aimed at improving productivity, easing the cost of living, and boosting domestic production under the Renewed Hope Agenda.
He added that the administration’s economic reform policies, including the ₦200 billion MSME intervention fund and other fiscal measures, were gradually setting the stage for inclusive growth and long-term stability.
The Chairman of NESG, Mr. Olaniyi Yusuf, in his remarks, urged the government to prioritise security as a key enabler of reforms. He stated that without security, it would be difficult to attract investment, encourage innovation, or create job opportunities for Nigerian youths.
“Tackling insecurity in rural and urban areas alike is vital to unlock productivity and restore confidence,” Yusuf said.
Vice Chairman of NESG, Mr. Boye Olusanya, also commended the Tinubu administration’s strategic reforms, describing them as bold and essential for achieving the target of building a trillion-dollar economy by 2030.
He noted that the stabilization of the foreign exchange market, the removal of fuel subsidies, and the new tax reforms were critical steps toward strengthening Nigeria’s economy. However, he cautioned that while the reforms were necessary for progress, they might not be enough to address all systemic challenges facing the nation.
Olusanya warned against any reversal of key policy decisions, saying such actions could stall economic growth and push the country backward. “Reversing the current reforms will retard growth and set the country on a backward trajectory in many folds,” he warned.
The summit was attended by several dignitaries, including 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.