Vice President Kashim Shettima has restated the Federal Government’s determination to place micro, small, and medium enterprises (MSMEs) at the heart of Nigeria’s economic renewal agenda.
He described MSMEs as the “lifeblood of the nation’s economy,” constituting about 80 per cent of businesses in the country.
Shettima stated this while delivering his remarks at the 6th Annual Lecture of the Development Bank of Nigeria (DBN) held in Abuja on Thursday.
The vice president, who was represented by Dr. Tope Fasua, Special Adviser to the President on Economic Affairs, said President Bola Ahmed Tinubu’s administration has embraced bold reforms to stabilize the economy and expand opportunities for entrepreneurs.
According to him, the theme of this year’s lecture — “Positioning Nigerian MSMEs for Growth in a Dynamic Policy Environment” — aligns with the Renewed Hope Agenda of the current administration, which recognizes small businesses as critical drivers of growth, job creation, and innovation.
“MSMEs are not peripheral actors. They account for over 80 percent of employment and make a significant contribution to our GDP,” Shettima said. “Investing in our small businesses is investing in our future,” he added.
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The Vice President outlined key economic measures already undertaken by the government:
- Fuel Subsidy Removal: redirecting vital resources to infrastructure, education, healthcare, and social investment.
- Foreign Exchange Market Unification: restoring transparency, encouraging foreign investment, and improving investor confidence.
- MSME Support: inauguration of the National Council on MSMEs to harmonize government policies and ease access to finance for small and nano enterprises.
- Infrastructure Renewal: prioritization of roads, railways, and power projects to drive growth and reduce multidimensional poverty.
- Youth Empowerment and Skills Development: initiatives targeting digital innovation and human capital growth.
- Global Engagement: securing international commitments for investment, climate financing, and technological partnerships.
Shettima noted that these reforms were already yielding results, citing Nigeria’s 4.23 percent GDP growth in the second quarter of 2025 and a recent strengthening of the naira.
In his welcome address, Dr. Tony Okpanachi, Managing Director/CEO of DBN, reaffirmed the bank’s mission to support small businesses and entrepreneurs across the country.
He disclosed that as of December 2024, DBN had disbursed over ₦1.1 trillion to MSMEs through 79 participating financial institutions, positively impacting more than 700,000 businesses nationwide.
“These figures represent more than just numbers. They reflect jobs sustained, dreams realized, and enterprises positioned for growth,” Okpanachi said.
He added that DBN remains more than a lender, positioning itself as “a convener of ideas, a builder of capacity, and a partner in national transformation.”
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Both Shettima and Okpanachi emphasised that sustainable MSME growth requires stronger partnerships between government, development finance institutions, and the private sector.
Shettima urged stakeholders to seize the opportunity to align policies, finance, and innovation, stressing that when small businesses thrive, the Nigerian economy prospers.
Concluding his remarks, the Vice President quoted Nelson Mandela: “It always seems impossible until it’s done. Together, through bold reforms, innovation, and collaboration, we will make possible a future of shared prosperity.”
The lecture also featured contributions from leading voices including Kenyan entrepreneur Flora Mutahi, Nigerian automotive designer Jelani Aliyu, economist Prof. Dahiru Mohammed, and local innovators such as Prince Arthur Uche and Alfiong Williams, whose stories highlighted resilience, creativity, and opportunity within the MSME space.
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With MSMEs employing the majority of Nigeria’s workforce, the 6th DBN Annual Lecture underscored the urgent need to empower small businesses through accessible financing, enabling infrastructure, and consistent government support.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
