Tinubu points population growth as hindrances to economic performance

President Bola Tinubu, pointed out rapid population growth and lagging service expansion as major roadblocks to Nigeria’s economic progress as well as rising unemployment.

He stated this during the 2024 National MSME Conference in Abuja. The President was represented by the Secretary to the Government of the Federation, Senator George Akume.

The 2024 National MSME Conference, themed “Grow Nigeria: Sustaining Digital and Innovative Economy,” attracts top government officials, members of the diplomatic corps, and industry leaders from within and outside Nigeria.

The event, organized by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), serves as a platform for the agency to showcase its achievements and address challenges in optimizing Nigeria’s entrepreneurial ecosystem over the past 11 months.

SMEs Key to Unlocking Nigeria’s Economic Potential

In his address, President Tinubu emphasized the importance of Small and Medium Enterprises (SMEs) in unlocking Nigeria’s economic potential, highlighting the quality of “Made in Nigeria” products and their ability to compete in global markets.

$10bn Global Investment Fund for MSMEs

The Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, who declared the three-day event open, revealed that a $10 billion Nigerian Global Investment Fund is in the works. This fund, intended as equity financing, aims to stimulate innovation and drive growth in the MSME sector. Uzoka-Anite underscored the critical role that MSMEs play in achieving the administration’s ambitious target of a $1 trillion GDP within five years.

Government’s Commitment to MSMEs

The Director-General of SMEDAN, Charles Odii, highlighted the financial challenges facing Nigeria’s MSMEs and announced that President Tinubu has approved ₦200 billion to support businesses within the sector. This funding is aimed at alleviating the financial constraints that hinder the growth of micro, small, and medium enterprises in Nigeria.

International Support

In her goodwill message, German Ambassador to Nigeria and ECOWAS, Annett Günther, praised the Tinubu administration for its commitment to gender inclusion by appointing women to key ministries, such as the Ministry of Industry, Trade, and Investment.

She further expressed the German government’s readiness to support Nigeria’s entrepreneurial ecosystem.

By Muzha Kucha