President Bola Tinubu, yesterday, explained that the N200 billion intervention fund recently set up by his administration for Micro, Small and Medium Enterprises (MSMEs) and manufacturers is aimed at boosting competitiveness, tackling structural challenges and unlocking the country’s productive potential.
He also announced a $100,000 (about N150 million) grant to scale youth enterprise.
This was as the Minister of Budget and Economic Planning, Abubakar Bagudu, stated that the Federal Government “remains committed” to policies that will unlock the country’s full economic potential. He stressed that the National Development Plan (NDP) 2021-2025 made the private sector the key driver of the economy by allocating an investment size of 86 per cent to the private sector.
Speaking at the opening of the 31st Nigerian Economic Summit (NES) in Abuja, Tinubu said “the fund reflects” his government’s commitment to inclusive growth, particularly for young entrepreneurs and vulnerable groups.
Represented by Vice President Kashim Shettima, the President noted that the reforms introduced since he assumed office were delivering tangible results across multiple sectors, with Nigeria recording a Gross Domestic Product (GDP) growth of 4.23 per cent in September 2025, surpassing projections by both multilateral institutions and local economic experts.
“All our decisions have been guided by the pursuit of balance between economic logic and public expectation,” 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 to scale their enterprises, innovate and build sustainable livelihoods. We established a N200 billion intervention fund to support MSMEs and manufacturers, helping them overcome structural challenges and enhancing competitiveness. Our expansion of digital micro-loan access has improved financial inclusion, empowered small businesses, and stimulated community-level productivity.”
The President attributed the progress recorded so far in stabilising the economy and rescuing public finances to the patience and sacrifices of Nigerians.
Tinubu pointed to a “resounding consensus” that ongoing reforms have stabilised the macroeconomic environment, with the economy expanding from N309.5 trillion in 2023 to N372.8 trillion in 2024. He added that total revenue collection rose from N19.9 trillion in 2023 to N25.2 trillion in 2024 and had already reached N27.8 trillion as of August 2025, surpassing the target of N18.32 trillion.
NESG Chairman, Olaniyi Yusuf, urged government and stakeholders to prioritise security as a critical enabler of reforms, while the Vice Chairman, Boye Olusanya, praised the administration’s bold economic steps, including forex market stabilisation, tax reforms and fuel subsidy removal, as essential for achieving the trillion-dollar economy target by 2030.
Earlier, Bagudu had commended the long-standing partnership between the ministry and the Nigerian Economic Summit Group (NESG), noting that reforms introduced since May 2023 were gradually easing the cost of living and boosting domestic production.
He stressed that the National Development Plan (NDP) 2021-2025 made the private sector the key driver of the economy by allocating an investment size of 86 per cent of the total plan size to the private sector.
The President said non-oil revenues grew by 411 per cent year-on-year in August this year, with the tax-to-GDP ratio now nudging 13.5 per cent, up from barely seven per cent a few years ago.
“Our debt-to-GDP ratio now stands at 38.8 per cent, far below the limits set by the Fiscal Responsibility Act (FRA) at 60 per cent, and those of ECOWAS and the World Bank at 70 per cent,” he added, noting the numbers speak volumes of a nation prepared for the present, just as they represent the promise his administration made to Nigerians.
On why his administration increased monthly allocations to states, Tinubu said he 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.”
Every reform introduced by his administration, the President noted, had been inspired by a “deep reflection and the courage to act in the interest of the nation.”
