President Bola Ahmed Tinubu has stated that the recently launched ₦200 billion intervention fund for Micro, Small, and Medium Enterprises (MSMEs) and manufacturers is designed to tackle structural barriers, boost competitiveness, and unlock Nigeria’s full productive potential.
Speaking at the opening session of the 31st Nigerian Economic Summit in Abuja on Monday, President Tinubu, represented by Vice President Kashim Shettima, reaffirmed his administration’s commitment to inclusive growth—particularly for young entrepreneurs and vulnerable groups.
“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,” he said.
MSME Fund to Stimulate Economic Growth and Innovation
The President emphasized that the ₦200bn intervention fund is part of broader efforts to support small businesses and local manufacturers, helping them overcome persistent structural challenges and enhance their productivity.
“Our expansion of digital micro-loan access has improved financial inclusion, empowered small businesses, and stimulated community-level productivity,” Tinubu noted.
Nigeria’s Economic Growth Surpasses Expectations
President Tinubu announced that Nigeria recorded a GDP growth rate of 4.23% in September 2025, exceeding projections by both local economists and international financial institutions.
“All our decisions have been guided by the pursuit of balance between economic logic and public expectation,” he said.
He added that the reforms introduced since May 2023—such as the removal of fuel subsidies and exchange rate unification—have led to significant fiscal gains and macroeconomic stability.
Revenue and Investment Gains: Key Economic Highlights
- GDP Growth: From ₦309.5 trillion in 2023 to ₦372.8 trillion in 2024
- Revenue Collection: From ₦19.9 trillion in 2023 to ₦27.8 trillion as of August 2025
- Non-Oil Revenue: Increased by 411% year-on-year
- Tax-to-GDP Ratio: Now at 13.5%, up from 7%
- Debt Service-to-Revenue Ratio: Down from 97% to under 50%
- Debt-to-GDP Ratio: At 38.8%, below international thresholds
President Tinubu also cited upgrades by international rating agencies:
- Fitch upgraded Nigeria’s rating to B with a stable outlook
- Moody’s raised the country’s issuer rating to B3
“These ratings reflect improved economic foresight and clearer policy direction,” he said.
States Get More Monthly Allocations to Drive Local Development
Explaining the rationale for increased monthly allocations to states, Tinubu said:
“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.”
New Tax Laws to Drive Fairness and Revenue Growth
The President also highlighted the signing of four Tax Reform Acts aimed at strengthening domestic revenue mobilisation, reducing over-reliance on oil revenue, simplifying tax compliance for businesses, protecting low-income earners and promoting fairness in corporate taxation
“We are reducing the burden on the poor while making tax administration more efficient and equitable,” he noted.
“Better Days Are Already in Sight” — Tinubu
Acknowledging the sacrifices made by Nigerians, Tinubu said recent progress owes much to public endurance and unity.
“The better days we promised are already within sight,” he said. “We owe this progress to the patience and understanding of Nigerians, whose sacrifices have laid the foundation for the reforms we are seeing.”