MSMEs growth is steadily driving Nigeria’s economic future, and the Federal Government is reinforcing its support for small businesses nationwide. At the 6th Annual Lecture of the Development Bank of Nigeria in Abuja, Vice President Kashim Shettima reaffirmed that micro, small, and medium enterprises remain the foundation of national transformation. Represented by Dr. Tope Fasua, Special Adviser to the President on Economic Affairs, he stressed that MSMEs drive job creation, poverty reduction, and long-term growth.
During his remarks, the Vice President explained that despite persistent obstacles, small businesses show remarkable resilience and adaptability. He noted that their contribution extends far beyond statistics because they shape communities, sustain livelihoods, and inspire innovation. Therefore, he emphasized that President Bola Ahmed Tinubu’s administration is determined to position them as central players in building a stronger economy.
He further highlighted that government policies are being deliberately tailored to remove barriers holding back entrepreneurs. For example, financial access is being expanded through collaboration with development banks and commercial institutions. Additionally, the government is prioritizing infrastructure development to reduce operating costs and improve productivity for small firms. By doing so, MSMEs can compete more effectively in both domestic and global markets.
Transitioning to technology adoption, he underlined that digital tools are no longer optional but essential. He urged small businesses to embrace digital platforms that open new channels for trade and customer engagement. He pointed out that digital transformation can connect rural farmers to markets, empower artisans to reach wider audiences, and give startups a competitive edge. With such innovation, MSMEs can transform from survival-driven ventures into growth-driven enterprises.
The Vice President also reminded participants that MSMEs symbolize more than commerce; they embody hope and determination. Each enterprise tells a story of persistence and courage, often built from limited resources but guided by big dreams. Collectively, these stories represent the backbone of Nigeria’s economic resilience. He encouraged entrepreneurs not to lose faith, assuring them that the government will continue to provide consistent support.
The lecture created a platform for robust discussions among policymakers, financial experts, and entrepreneurs. Conversations focused on practical steps to strengthen MSMEs, from innovative financing models to partnerships with international investors. Speakers emphasized that sustained economic growth depends on creating an ecosystem where small businesses thrive. Through shared ideas and collective action, stakeholders reaffirmed that MSMEs must remain at the center of Nigeria’s economic agenda.
Looking forward, the Federal Government believes that the next chapter of national prosperity will be written by MSMEs. By combining effective reforms, financial interventions, and supportive policies, the administration aims to unlock their full potential. The Vice President promised that every initiative will be carefully aligned to empower entrepreneurs, protect jobs, and stimulate inclusive growth. He insisted that the government’s commitment will remain firm because small businesses carry the nation’s future.
In conclusion, MSMEs growth continues to shape Nigeria’s destiny with resilience and promise. Government policies are improving, financial institutions are offering stronger support, and entrepreneurs are responding with bold innovation. Together, they are laying the groundwork for an economy that is not only resilient but also inclusive. The vision is clear: Nigeria’s prosperity will rise on the strength of its small businesses.
