The Speaker of the House of Representatives, Tajudeen Abbas, has emphasised the pivotal role of Small and Medium-sized Enterprises (SMEs) in driving Nigeria’s ambition to become a trillion-dollar economy within the next five years.
Speaking at the Enterprise Nexus Summit held at the House of Representatives Complex in Abuja on Monday, Abbas, represented by Deputy Speaker Benjamin Kalu, noted that achieving a productive economy requires more than government intervention alone. He stressed the need for legislation that safeguards innovation, encourages transparency, and creates a conducive environment for SMEs to thrive.
“The Renewed Hope Agenda aims to propel Nigeria into a trillion-dollar economy in the next five years through the facility of small and medium-scale enterprises. Global economic reports already show that SMEs account for over 90% of businesses worldwide, contributing nearly 70% of employment in many developing economies,” Abbas said.
Citing local data, he highlighted that SMEs in Nigeria make up 96.8% of registered businesses, account for over 84% of the business sector, and contribute approximately 48% to the national Gross Domestic Product (GDP). Despite their significance, Abbas warned that half of these businesses fail within the first year due to limited access to formal credit, poor infrastructure, weak technology adoption, and management skill gaps.
To address these challenges, Abbas called for legislative reforms that would incentivise financial institutions to support SMEs. He noted that policy support should extend beyond credit access to regulatory frameworks that actively enable growth. “If our regulatory environment is burdened with complex licensing, high compliance costs, and opaque tax systems, we are only stifling the growth of SMEs,” he said.
Abbas further urged the government to structure a system that matches the energy and innovation of Nigeria’s entrepreneurs. “Potential does not translate into prosperity unless the environment is intentionally structured to support it. This Summit is our attempt to close that gap—deliberately, structurally, and with strong institutional backing from the Office of the Speaker,” he said.
He added that President Bola Ahmed Tinubu’s Renewed Hope Agenda places enterprise at the core of national transformation. “This is where the legislature must lead: by ensuring the economy’s rules are coherent, modern, and reflect the realities of Nigeria’s young, innovative, and impatient population,” Abbas concluded.
The initiative is expected to strengthen SME access to capital, enhance operational frameworks, and support sustainable growth across Nigeria’s entrepreneurial ecosystem, positioning SMEs as key drivers of the country’s economic expansion.
