President Bola Tinubu has announced that N125 billion will be infused into Nigeria’s economic framework. He announced this at the 2023 Lagos International Trade Fair. Underscoring the significance of Micro, Small, and Medium-scale Enterprises (MSMEs) in the country’s economic vigour, Tinubu committed to providing a conditional grant of N50 billion to one million nanobusinesses by March 2024.
The CEO of Tafawa Balewa Square (TBS) Lagos, Lucia Shittu, represented President Tinubu, who stated that MSMEs constitute the driving force behind economic growth.
“MSMEs are the lifeblood of our economy, powering growth and development. It is our duty to furnish them with the necessary resources for flourishing businesses,” Tinubu stated.
Highlighting the potential of technology, the president emphasised connectivity as the linchpin for business success in today’s globalised world. “In navigating challenges, unity and collective strength are imperative for building a prosperous future,” he added.
The president plans to disburse N50,000 to 1,300 nanobusiness owners in each of the 774 local governments, injecting a total of N125 billion into the sector. This move, Tinubu noted, would not only boost financial inclusion but also propel the beneficiaries into the formal banking system.
Expanding on the theme “Navigating economic challenges: forging a path to prosperity,” the president of the Lagos Chamber of Commerce and Industry (LCCI) and the fair organiser, Dr. Michael Olawale-Cole, lamented the challenges faced by local manufacturers. He acknowledged the immense growth potential but pointed to obstacles such as soaring inflation, unstable exchange rates, and the persistent reliance on oil revenue hindering local manufacturers.