President Bola Tinubu on Monday, at the official opening of the 31st Nigerian Economic Summit (NES31), explained that the establishment of the ₦200 billion intervention fund for micro, small, and medium enterprises (MSMEs) and manufacturers was necessary to help these businesses boost competitiveness and overcome structural challenges.
Represented by Vice President Kashim Shettima, Tinubu highlighted that this fund is part of a broader commitment to supporting Nigerian businesses and reviving hope for the country’s vulnerable population.
“We established a ₦200 billion intervention fund to support micro, small, and medium enterprises and manufacturers, helping them overcome structural challenges and enhance competitiveness,” the President stated.
He added that the administration is also creating pathways for young entrepreneurs to access grants, loans, and equity investments of up to $100,000 to scale their businesses.
The President asserted that the economic reforms implemented by his administration—guided by a balance between economic logic and public expectation—have started yielding tangible results that are surpassing projections from experts.
He attributed the significant progress in stabilising the economy and rescuing public finance to the patience and sacrifices of Nigerians.
“The stability in our foreign exchange market is not accidental. It reflects deliberate choices guided by the same economic wisdom that gatherings such as this embody,” he noted.
The President highlighted several key economic performance metrics. He noted that Nigeria’s Gross Domestic Product (GDP) grew by 4.23 per cent in September 2025. The size of the economy also expanded to ₦372.8 trillion in 2024, up from ₦309.5 trillion in 2023.
According to him, total revenue collection reached ₦27.8 trillion as of August 2025, surpassing the ₦18.32 trillion target. He added that non-oil revenue increased by 411 per cent year-on-year in August, boosting the country’s tax-to-GDP ratio to 13.5 per cent**.
The President further stated that the impressive performance prompted international rating agencies to upgrade Nigeria’s credit standing — Fitch raised the country’s sovereign rating to ‘B’ with a stable outlook, while Moody’s upgraded the issuer rating to ‘B3’ with a stable outlook.
Tinubu also noted that the debt service-to-revenue ratio has reduced from 97 per cent to less than 50 per cent, and the debt-to-GDP ratio stands at 38.8 per cent, well below statutory limits.
The President assured the business community that the four recently signed Tax Reform Acts are designed to boost domestic revenue, reduce dependence on oil, simplify compliance, ensure fairness in corporate taxation, and strengthen digital innovation in tax administration.
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However, the Vice Chairman of the NESG, Boye Olusanya, while commending the strategic reforms—including the stabilisation of the foreign exchange market and the removal of the fuel subsidy—warned that a reversal of these bold policy decisions would set the country on a “backward trajectory.”
The Chairman of the NESG, Olaniyi Yusuf, for his part, urged authorities to treat security as a primary enabler for reforms, stressing that “without peace, reforms cannot take root, investors cannot take risks, and Nigerian youths cannot find opportunities for prosperity.”
The summit, themed “The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030,” was attended by key economic cabinet members, including the Coordinating Minister of Finance and the Economy, Wale Edun.
