Tag: MSMEs

 In a historic move to unlock the doors of financial inclusion and stimulate grassroots enterprise, President Bola Tinubu has unveiled the National Credit Guarantee Company (NCGC)—a game-changing institution aimed at expanding access to credit for individuals and businesses, especially Micro, Small, and Medium Enterprises (MSMEs). Central to this transformation is the appointment of Rt. Honourable Yakubu Dogara, a former Speaker of the House of Representatives known for his people-centred leadership, as the pioneer chairman.

It rates highly as one of the most remarkable policy thrusts towards practical realization of the current administration’s campaign manifesto and the Renewed Hope agenda: it also promises to be part of the fundamental parameters for assessing the current administration in years to come.

The National Credit Guarantee Company (NCGC) is to operate on several strategic pillars: it is to provide risk sharing through partial credit guarantees that cover a portion of potential loan defaults, thereby encouraging lenders to extend more credit; it is to promote financial inclusion by easing access to credit for individuals and businesses, thus supporting broader economic growth; it aims to deliver targeted support by focusing on underserved groups such as MSMEs, women, and youth who traditionally face hurdles in securing financing; and it is geared towards fostering partnerships by collaborating with key stakeholders like the Bank of Industry, the Nigerian Consumer Credit Corporation, and the Nigerian Sovereign Investment Authority.

In President Bola Tinubu’s New Year speech on January 1, he announced plans to establish a National Credit Guarantee Company (NCGC) before the end of the second quarter (Q2) of 2025.

Subsequently, by Wednesday, May 28, 2025 – in a bold and potentially transformative move – the federal government announced the establishment of the National Credit Guarantee Company (NCGC), a financial innovation poised to reconfigure the architecture of access to credit in the country. At its core, the NCGC is envisioned as a de-risking institution that will bridge the persistent gulf between Nigeria’s financial institutions and the nation’s underserved micro, small, and medium enterprises (MSMEs).

The National Credit Guarantee Company is set to commence full operations from July 1st, 2025, backed by an initial robust capital of N100bn from a consortium of Ministry of Finance Incorporated, (MOFI), Nigeria Sovereign Investment Authority (NSIA), the Bank of Industry and Nigerian Consumer Credit Corporate Corporation (Credicorp). The World Bank Group is also providing technical assistance to NCGC, bringing its wealth of experience to other jurisdictions.

The expectations are quite high, especially as analysts perceive the development as that of systemic problem being brought to meet structural reform for decades, credit in Nigeria has remained the preserve of a privileged few, with MSMEs often locked out due to stringent collateral requirements, high interest rates, and a general perception of risk by lenders. This credit desert has stifled entrepreneurship, limited job creation, and constrained local production.

The NCGC is thus more than a financial institution—it is a policy response to a structural problem. The new government agency is another way the federal government plans to increase access to credit for individuals and critical sectors of the economy after introducing the Nigerian Consumer Credit Corporation (CrediCorp) scheme in April 2024. It is poised to better the lot of citizens and make inflation bearable; according to President Tinubu: “NCGC will expand risk-sharing instruments for financial institutions and enterprises.”

At the core of NCGC mandate is the goal of unlocking enterprise and expanding prosperity Economically, the NCGC arrives at a time when Nigeria’s growth strategy is in dire need of grassroots activation. MSMEs are widely acknowledged as the engine of employment and local productivity, yet their potential has been throttled by inadequate financing.

In this way, the NCGC is not just a financial tool; it is a strategic enabler of inclusive capitalism and a stimulus for the real sector. It aligns well with Nigeria’s Economic Sustainability Plan and the National Development Plan (2021–2025), both of which emphasise MSME support and job creation.

It is indeed very crucial that principles of governance, equity, and accountability are being addressed right from NCGC’s foundational stage.  Institutional trust remains the Achilles’ heel of many government-backed initiatives.

However, the expectation is that Dogara’s chairmanship will signal a new standard. With his legacy of procedural rigour and political moderation, stakeholders are hopeful that the NCGC board will uphold the tenets of good corporate governance, enforce transparency in loan guarantees, and avoid the patronage pitfalls that have derailed similar institutions in the past.

Of equal importance is regional and demographic equity. The NCGC must not become an elitist scheme accessible only to those in urban centres or connected to power. Rather, its design and operations must deliberately target the unbanked, the rural entrepreneur, the market woman, the youth innovator—and offer them a path to productivity through sustainable finance.

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No doubt, the evolution of a presidential policy from vision to stages of sustainable implementation requires the solid contributions of highly-experienced, capable and trustworthy hands. While most government actions and decisions in a politically competitive environment are normally the target of political opponents, objective critics and sometimes too, mere sentimental and ‘ad hominen’ arguments, surprisingly, none of these have arisen with regards to the management team put in place for NCGC.

According to the Presidency, while Dogara is the board Chairman, the pioneer Managing Director/Chief Executive Officer of NCGC is Mr. Bonaventure Okhaimo.

 Other members of the board are Mrs. Tinuola Aigwedo, Executive Director, Strategy and Operations, Professor Ezekiel Oseni, Executive Director, Risk Management and Ms. Yeside Kazeem, an experienced actuarial expert who comes in as an independent non-executive director.

Representatives of the NCGC’s major stakeholders were also appointed as Non-Executive Board members. These include Mr. Aminu Sadiq-Umar, MD/CEO, Nigeria Sovereign Investment Authority, Dr. Olasupo Olusi, MD/CEO, Bank of Industry, Mr. Uzoma Nwagba, MD/CEO, Nigeria Consumer Credit Corporation and Mrs. Oluwakemi Owonubi, representative of the Federal Ministry of Finance.

While Rt. Honourable Dogara needs no introduction anywhere in Nigeria, the new MD/CEO, Mr. Bonaventure Okhaimo, a chartered banker with roots in banking, corporate management with exceptional strategic and management skills was Chief Operating Officer at Development Bank of Nigeria. Mrs. Tinuola Aigwedo, NCGC ‘s pioneer Executive Director, Strategy and Operations has more than twenty years’ experience in banking, public sector management, with strong antecedents in digital transformation and financial inclusion.

The team’s immediate efforts towards translating their capacity and positions into impact necessitates immediate translation of promises and aspirations into maximum impact.

Among others, the NCGC must finalise its institutional frameworks and risk models, operationalise partnership with commercial banks, fintechs, and cooperatives, and; set clear, unambiguous eligibility criteria for loan guarantees, it also needs to immediately ensure gender and regional inclusiveness in addition to commencing the publication of periodic performance reports to ensure public accountability.

An Investors Roundtable hosted by the Impact Investors Foundation (IIF) in Lagos, has  underscored the  need to  address  the critical $940 billion funding gap faced by Micro Small and Medium Enterprises(MSMEs) in Nigeria  and the rest of the world.

The forum had considered the study commissioned by the Mastercard Foundation, in partnership with Mennonite Economic Development Associates (MEDA), an international economic development organisation that revealed the immense potential of Africa as a jurisdiction for domiciling investment vehicles, a move that could unlock billions in capital for the continent’s burgeoning MSME sector.

The report advocated for strategic domiciliation of investment vehicles in African nations, allowing them to access local capital pools such as pension funds and attract international investors.  Countries such as Nigeria, Kenya, and South Africa, with their substantial local capital reserves, were identified as prime candidates.  IIF is at the forefront of the initiative,. it convened industry leaders, policymakers, and investors to develop actionable strategies for unlocking the  capital.   With “Catalysing Impactful Investments in Nigeria: Unlocking Opportunities, Driving Sustainable Growth” as theme, the roundtable provided a strategic platform for reflective dialogue on strategic ways to unlock private capital for impact investments.

The event, supported by the Ford Foundation, the UK International Development’s RISA Fund, and Wema Bank, featured keynote addresses from industry leaders such as Nigeria Country Director at British International Investment (BII), Benson Adenuga, and Partner at Sahel Capital Agribusiness Managers Limited, Tosin Ojo,  who stressed the importance of sustainable financial returns for attracting domestic investors. Panel discussions, including insights from the report “Study on Africa as a Jurisdiction for Domiciliation of Investment Vehicles,” emphasised the need for streamlined regulatory processes, improved operational efficiency, and enhanced engagement with local capital sources.

Speaking on the insights from the report “Study on Africa as a Jurisdiction for Domiciliation of Investment Vehicles, speakers – Ayodele Ojosipe, Development Bank of Nigeria (DBN);Head of Investments, Veritas Glanvills Pensions,  Mr. Oluleye Ademola;, Partner, Banwo & Ighodalo, Ms. Ayodele Adeyemi-Faboya; Ms. Rabi Maidawa Securities and Exchange Commission, and session moderator, Chief Executive,  DiAfrica, Gwen Abiola-Oloke, mapped a path to a successful  domiciliation of investment vehicles in Nigeria.

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Chair of IIF, Mr. Frank Aigbogun; Nigeria Country Lead, RISA Fund-Chemonics, Alice Dada; and, Divisional Head, Retail and SME, Wema Bank, Ayodele Olojede underscored the need for alternative investment mechanisms to support MSMEs, a critical driver of Nigeria’s economic growth.

Chief Executive, IIf, Ms. Etemore Glover, urged participants to collaborate, innovate, and take decisive steps to unlock the full potential of impact capital in Nigeria.

“To build a resilient impact economy, we must look inward and tap into local capital pools, including pension funds, government resources, high-net-worth individuals, and corporate investors,” she said.

In his keynote, Adenuga highlighted the relevance of the Sustainable Development Goals (SDGs) to economic growth, stating that Nigeria’s economic challenges present opportunities for investors to create innovative, impact-driven solutions.

He urged investors to identify and specialize in a niche within the impact investing spectrum, ensuring sustainable financial and social returns.

Similarly, in her keynote speech, Partner at Sahel Capital Agribusiness Managers Limited, Ms. Tosin Ojo, shared insights on engaging domestic investors amid dwindling international capital inflows. She emphasised that financial sustainability remains a key determinant for domestic investors considering impact investment.

“The sustainability of financial returns is crucial for domestic investors. No impact can be sustained without a strong financial foundation,” Ojo noted.

During the panel discussion ‘Scaling Impact Initiatives to Attract and Mobilize Capital for Sustainable Investments,’ Founder & Chief Executive, Aruwa Capital Management, Ms. Adesuwa Okunbo Rhodes; Investment Director, Small Foundation, Mr. Andrew Tarazid-Tarawaliand  Technical Advisor, GIZ Nigeria & ECOWAS, Mr. Akinwande Pearse called for a more seamless process for registering funds with the Nigeria Securities and Exchange Commission.

The report and the roundtable discussions have ignited a call for collaborative action among investors, policymakers, and ecosystem builders to create an inclusive and resilient investment ecosystem in Africa. The aim is to unlock the continent’s vast potential, empower entrepreneurs, and create lasting impact for future generations.

Themed “Catalyzing Impactful Investments in Nigeria: Unlocking Opportunities, Driving Sustainable Growth,” the roundtable provided a strategic platform for reflective dialogue on strategic ways to unlock private capital for impact investments. They also addressed systemic barriers and engaged in collaborative brainstorming sessions to deliver actionable strategies for strengthening Nigeria’s impact investment landscape.

The Federal Government yesterday announced that Micro, Small, and Medium Enterprises (MSMEs) across the country will compete for prizes worth over N220 million in the upcoming 7th National MSMEs Award.

Senior Special Assistant (SSA) to President Bola Tinubu on Job Creation and MSMEs, Temitola Adekunle-Johnson, disclosed this while briefing journalists in Abuja.

He revealed that the registration portal will be open from March 7 to April 7, 2025, for all eligible businesses.

Adekunle-Johnson emphasized the government’s commitment to empowering small businesses, noting that persons with disabilities (PWDs) will have a special category in the awards.

Adekunle-Johnson also stated that other winners would receive prizes worth over N50 million.

He said prospective MSMEs will apply and also upload video clips of their activities.

The SSA said: “This year, we are going to have MSMEs winning stores, shops, cars, and money. This is the first year where the overall winner will go home with a house, shop, car, and cash prize.

“The screening committee present here feels that we should brief the media and also sensitize MSMEs on what to expect.

“Another unique aspect of this year’s MSMEs Awards is that we have considered businesses run by people living with disabilities.

“We have created a category for them because, as the saying goes, ‘there is ability in disability.’ So, this year will mark the inaugural category for people living with disabilities.

“They will also have the opportunity to compete for all the numerous prizes, just like every other able-bodied person”.

Director-General of the Standards Organization of Nigeria (SON), Dr Ifeanyi Okeke, affirmed the Federal Government’s commitment to encouraging and rewarding MSMEs for their contributions to job creation and economic development.

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Okeke, who serves as the Secretary of the Awards Screening Committee and was represented by Mrs. Phebean Arumemi, Deputy Director and Head of the SMEs Desk at SON.

He stated that significant impact had been made over the years in recognizing outstanding MSMEs in the country.

“This year’s edition is going to be exceptional. Over time, we have seen eight categories, including agriculture, innovation in Information and Communications Technology (ICT), creative arts, fashion and style, furniture and woodwork, beauty and wellness, manufacturing, and services.

“We also recognize people with disabilities, who have been given a special place in this year’s awards. The screening process itself is very diligent and transparent”.

General Manager of Strategy and Corporate Communications at the Nigerian Export-Import Bank (NEXIM), Dr Tayo Omidiji, emphasized that the awards were designed to promote entrepreneurship in the country.

According to him, MSMEs account for about 50 per cent of Nigeria’s Gross Domestic Product (GDP) and through this programme, their contribution can be further increased.

Growth Boosters Business Intermediaries Limited is poised to transform Nigeria’s financial landscape with its innovative, AI-enabled crowdfunding platform. 

Co-Founder and Chief Executive, Growth Boosters Business Intermediaries Limited, Ololade Adesola said the company, a licensed intermediary by the Securities and Exchange Commission (SEC), aims to connect Micro, Small and Medium Enterprises( MSMEs) seeking funding with a vast pool of retail investors eager for secure and profitable investment opportunities.

Recognising the challenges faced by both MSMEs in accessing affordable finance and investors seeking reliable investment vehicles, she indicated that Growth Boosters is bridging the gap through return-based crowdfunding. 

According to her,  the method allows businesses to raise capital (equity or debt) from a large number of small investors in exchange for financial returns.

“Nigeria’s MSMEs, the engine of our economy, often struggle to access the necessary funding for growth,” said a representative from Growth Boosters. “Our platform addresses this issue by providing a seamless and affordable way for them to connect with investors.”

Unlike traditional financing methods, crowdfunding empowers MSMEs to determine the cost of financing and repayment terms.  Furthermore, the SEC regulates the fees charged by intermediaries like Growth Boosters, ensuring affordability for businesses.  The platform also offers valuable brand visibility, as businesses gaining funding from numerous investors simultaneously gain potential customers and brand advocates.

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Growth Boosters distinguishes itself through its rigorous due diligence process.  Utilizing AI-enabled software, along with KYC verifications and other criteria, the platform appraises business proposals, ensuring only the most viable opportunities are presented to investors.  This thorough vetting process provides investors with the confidence to invest in well-managed and profitable MSMEs.

“We act as an exchange, connecting MSMEs with investors, much like the stock exchange connects large companies with the public,” explained the representative.  “This distinct separation of roles ensures transparency and protects both fundraisers and investors.”

The SEC has set limits on the amounts MSMEs can raise through crowdfunding: micro businesses can raise up to N50 million, small businesses up to N70 million, and medium-sized businesses up to N100 million.  Funds raised are held securely with an SEC-approved custodian, First Nominees, and transferred directly to the fundraisers.  Growth Boosters itself does not handle funds at any point.

To further safeguard investor interests, Growth Boosters has engaged Corporate Trustees, Apel Capital and Trust Limited, to monitor the activities of fundraisers post-disbursement.  This added layer of oversight ensures both pre- and post-disbursement performance monitoring, allowing investors to focus on selecting investments that align with their individual risk profiles and desired returns.

Growth Boosters believes its platform offers a compelling alternative investment vehicle for both seasoned and new investors.  The due diligence conducted by the platform provides a credible introduction to equity and money markets, while the competitive ROI compares favorably with other investment options like fixed deposits.  This increased accessibility to investment opportunities is expected to boost financial inclusion across Nigeria.

The company has invested significantly in developing a robust, real-time online investment portal and is committed to delivering globally recognized standards of service.  Growth Boosters is confident that crowdfunding will significantly impact Nigeria’s financial services sector, democratizing wealth creation, fundraising, and investment in the coming years.  The company commends the SEC for its foresight in introducing this innovative financing and investment vehicle.

The Bank of Industry (BoI) yesterday said in partnership with the Federal Government, it had to review the Micro Small and Medium Enterprises MSMEs loan plan because of the high cost of living caused by inflation. 

The Managing Director, BoI, Dr. Olasupo Olusi said the Federal Government has released N200billion, saying. N45  million has so far been disbursed to Nano businesses, as they are paid N50,000 each and not expected to pay back.

Repayment plan for the MSMEs loan is three and half years, and should be paid back to BoI.

The MD who was represented by Ozovehe Nasino spoke at the first national summit on Nano, Micro and Small Enterprises and the presentation of awards to celebrate International Volunteer day for Economic and Social Development in Abuja.

He said: “The whole money released by the Federal Government is N200billion, N5billion for Nano business, N75billion for MSMEs and another N75billion for manufacturing.

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“The BoI in partnership with the Federal Government had to review the loan plan considering the high cost of living in recent times, instead of the initial one million naira they agreed that the loan will be from one million naira to five million naira for MSMEs.

“With the BoI portal now opened, it has received over 400 loan  application which is seriously being worked on presently. Though the disbursement has not officially started because the bank just secured approval for the upgrade of the funds”.

Speaking, the National Executive Secretary, Cotton Association Cottage Industrialist of Nigeria, Amb. Oluwasegun Mulemora said the development of the cottage industry is really lacking in the Nigerian economy.

The association is using the cottage industry to eradicate and uplift the standard of living in the country. Main focus is training of members in different fields. ACIN is also out to democratize skills and exportation of skills and knowledge.

• 800,000 beneficiaries

The federal government has increased the amount small businesses could access from its single-digit loans by 400 per cent in a major boost to the micro, small and medium enterprises (MSMEs).

Small businesses will now be able to access as much as N5 million as against the previous provision of N1 million under the N200 billion Presidential Intervention Fund for Micro, Small, and Medium Enterprises (MSMEs).

Already, more than 800,000 beneficiaries have benefited from the loans, which come at a single-digit interest rate of 9.0 per cent.

Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said the increase was part of the government’s determined efforts to tackle the challenges that hinder the growth of small businesses in the country.

Edun spoke at the weekend in Lagos at a townhall sensitisation on the Federal Government Grant and Loan Scheme organised by Federal Ministry of Finance in collaboration with the Federal Ministry of Industry, Trade and Investments, the Presidency, Bank of Industry and other stakeholders.

According to him, President Bola Tinubu is keenly focused on driving MSME growth and the success of the manufacturing sector to properly reposition the economy.

“It is common knowledge that MSMEs are the backbone of the Nigerian economy and if we do not support our MSME’s to prosper, the Nigerian economy suffers. To all the MSMEs here with us today, I want to thank you all for your hard work, sacrifice, and contributions to the development and stability of our great nation.

“It is with a strong resolve to tackle these challenges that President Bola Tinubu’s administration has provided several interventions to support MSMEs since the advent of his administration. Some of these interventions include the desrisking of MSME lending as well as provision of grants and affordable single-digit loans for MSMEs like this Presidential Conditional Grant Scheme and the MSME intervention programme,” Edun said.

He said the government is working tirelessly to improve the ease of doing business in Nigeria for entrepreneurs.

According to him, some of the initaives to support ease of doing business in Nigeria include various fiscal governance reforms like the automation of the process of the Import Duty Exemption Certificate (IDEC), harmonization of tax laws in the federation and unification of exchange rate regimes.

He noted that Tinubu recently approved the Casual Jobs Scheme which was designed to foster job creation within 10 SME clusters such as fashion, beauty, and artisanry in the informal sector of the economy.

Edun, who was represented Director of Youth Enterprise with Innovation in Nigeria (You-WIN), Ministry of Finance, Alhaji Ahmed Gazali, pointed out that in order to further underline intervention measures incorporate unregulated informal sector into the mainstream framework of the economy, the government is in the final stages of designing a National Youth Unemployment Benefits Programme, which is designed as a comprehensive social welfare initiative designed to support the unemployed, the underemployed and those struggling with self-employment.

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“Several other efforts by the Government are in the pipeline to revamp the economy, nurture MSMEs, support manufacturing, and reduce unemployment, to offer succor to various segments of our population. Some of these initiatives are part of a broader strategy to integrate the informal sector into mainstream economic planning,” Edun said.

Minister of State for Industry, Trade and Investment, Sen. John Eno said President Bola Tinubu was in a hurry and eager to support programs and initiatives that promotes welfare of Nigerians.

Eno pledged commitment to help all the agencies deliver on their mandates fast in the welfare projects for Nigerian businesses.

He called for collaboration to remove barriers from growth of MSMEs.

Eno said: “It is such collaboration that can make it work”.

Managing Director, Bank of Industry (BOI), Dr Olasupo Olusi, commended President Tinubu who gave the new approval for increased funding for small businesses through the N200 billion Presidential Intervention Fund for Micro, Small, and Medium Enterprises (MSMEs).

He said N75 billion out of the presidential conditional grant and loan scheme, was targeted for MSMEs, adding that, the initiative was expected to create thousands of direct and indirect jobs nationwide.

He said the fund facilitated through the BOI nationwide was already sitting in the bank ready to be disbursed to beneficiaries at just nine percent cent interest.

Olusi, represented by Umar Shekarau, Executive Director, MSMEs, BOI, reeled out statistics of disbursements across the nation, assuring that the funds were available and being disbursed.

He urged business owners to approach the BOI or register online  without going through intermediaries to benefit from loans and grants.

He said over 800,000 Nigerians had benefited and had more room for thousands of beneficiaries including youths, women, physically challenged and all Nigerian.

“We maintain our integrity as BOI and disburse the funds,” Olusi said.

Senior Special Assistant to the President on Job Creation and Micro, Small and Medium Enterprises (MSMEs), Temitola Adekunle-Johnson, said the townhall was happening simultaneously in six states.

He said that successful applicants who meet all the requirements will now receive an increased loan of N5 million instead of the old N1 million benchmark to boost their business operations.

He said President Tinubu gave funds to cushion the effects of challenges experienced by businesses including access to finance, infrastructure, among others.

Other speakers at the event including, Mr John Uwajumogu, Special Adviser, Industry, Trade and Investment explained the gains of supporting industries with finance for inclusive growth.

Three benefitiaries in attendance who benefited from the N50,000 grants of the Federal Government shared testimonials of how they grew their businesses from the funds.

This prompted Temitola Adekunle-Johnson, the Senior Special Assistant to the President on Job Creation and Micro, Small and Medium Enterprises (MSMEs) to give them another instant N200,000 grant each.

The benefitiaries were, Mr Akor Goddy, a vegetable farmer and vendor from Badagry; Angela Christopher, a nanny and Mr William Asuquo, a food vendor from Isolo in Lagos.

The Federal Government has created more than 240,000 direct jobs by enhancing the capacity of Micro, Small, and Medium Enterprises (MSMEs) across the country.

This milestone was achieved through several targeted initiatives and interventions aimed at fostering entrepreneurship and creating sustainable employment opportunities.

The Special Adviser to the President on Public Communications and Media, Sunday Dare, made this disclosure in a series of tweets on his official X (formerly Twitter) account, where he unveiled the “Tinubu Reforms Tracker” (TRT).

According to Dare, the government’s interventions include N50 billion Discounted Credit Facility for MSMEs implemented by Access Bank. This scheme has provided affordable credit to MSMEs, enabling them to expand operations and increase productivity.

There was N150,000 Instant Grants for MSMEs during the National MSME Clinics, three outstanding MSMEs received instant grants of N150,000 each to support their growth and innovation. Also, the government rewarded exceptional MSMEs with cars and houses during the 2024 MSME Awards, recognizing their contributions to economic development.

The N75 billion Single-Digit MSME Loan Scheme, managed by the Bank of Industry (BoI) offers loans at single-digit interest rates to boost the capital base of MSMEs across various sectors.

Government’s Casual Jobs Scheme is projected to create 2,100 jobs per state across 10 designated SME clusters, contributing to job creation and reducing unemployment at the grassroots level while the syndicated N198 billion derisking fund for MSMEs aims to reduce the risks associated with MSME lending, encouraging financial institutions to provide more credit facilities to this critical sector and  the Single-Digit Credit Facility for MSMEs scheduled for implementation by the first quarter of 2025, will further empower MSMEs with affordable financing options.

Dare noted that under President Bola Ahmed Tinubu’s administration, 10 MSME hubs have been launched so far, creating 240,400 direct jobs. These hubs provide critical infrastructure, training, and resources to support MSMEs in achieving scalability and competitiveness.

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The hubs are strategically located to ensure nationwide coverage and accessibility, enabling entrepreneurs from diverse backgrounds to benefit from government programmes.

Dare introduced the TRT as a platform to monitor and highlight the progress of the administration’s initiatives across 13 critical sectors. It evaluates each reform based on its immediate, short-term, mid-term, and long-term impacts on the economy and society.

Dare said: “The Reforms Introduced by President Bola Ahmed Tinubu cover several critical areas. Some of them have started bearing fruits progressively. Under the Tinubu Reforms Tracker, TRT, selected sectors will be examined and the progress made in terms of initial impact revealed. President Tinubu is committed to delivering on these reforms in time for the benefit of Nigerians.”

The government’s focus on MSME development aligns with its broader commitment to job creation and economic diversification. The various credit facilities and incentives are designed to address challenges faced by small businesses, including limited access to finance and infrastructure.

Dare’s tweets also included an e-flier entitled “Positive Notes from President Tinubu’s Job Creation and MSME Reforms”, showcasing the tangible benefits of the government’s policies.

He reiterated Tinubu’s dedication to ensuring that these reforms translate into tangible benefits for Nigerians. “President Tinubu is committed to delivering on these reforms in time for the benefit of Nigerians,” he stated, emphasizing that the administration’s efforts are already yielding results,” he said.

As the government continues to implement these initiatives, the TRT will serve as a transparent mechanism for tracking progress and assessing impact. With plans to roll out additional schemes, including the single-digit credit facility for MSMEs by early 2025, the administration aims to further strengthen the MSME sector and contribute to Nigeria’s economic growth.