President Bola Tinubu has announced a $100,000 grant and a N200 billion intervention fund targeted at youth-led businesses, Micro, Small, and Medium Enterprises (MSMEs), and manufacturers, to enhance competitiveness and unlock Nigeria’s productive potential.
Speaking at the opening of the 31st Nigerian Economic Summit (NES) in Abuja, Tinubu, represented by Vice President Kashim Shettima, said the initiatives reflect his administration’s commitment to inclusive growth, especially 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,” Tinubu said.
He explained that the N200 billion fund aims to help MSMEs and manufacturers overcome structural challenges while expanding access to digital micro-loans to boost financial inclusion and community-level productivity.
The President noted that reforms introduced since he assumed office are yielding results, with Nigeria recording a 4.23 per cent GDP growth in September 2025 higher than projections by international and local experts.
He attributed the progress to the resilience of Nigerians, noting that the economy grew from N309.5 trillion in 2023 to N372.8 trillion in 2024. Revenue collection also rose from N19.9 trillion to N25.2 trillion, reaching N27.8 trillion by August 2025. Non-oil revenue grew by 411 per cent year-on-year, raising the tax-to-GDP ratio to 13.5 per cent from 7 per cent a few years ago.
Minister of Budget and Economic Planning, Abubakar Bagudu, reaffirmed the government’s commitment to sound economic policies. He said the National Development Plan (2021–2025) positions the private sector as the key growth driver, with 86 per cent of the total investment size allocated to private participation.
Bagudu praised the partnership with the Nigerian Economic Summit Group (NESG), adding that ongoing reforms since May 2023 were easing the cost of living and boosting domestic production.
NESG Chairman, Olaniyi Yusuf, urged the government to prioritise security as a key enabler of reforms, while Vice Chairman Boye Olusanya commended the administration’s bold policy steps including forex stabilisation, tax reforms and fuel subsidy removal as crucial to achieving the trillion-dollar economy target by 2030.
Tinubu reiterated that increased allocations to states are meant to empower federating units to pursue development tailored to their needs, saying every reform is “guided by deep reflection and the courage to act in the interest of the nation.”
