Nigeria’s Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has urged the Abuja Chamber of Commerce and Industry (ACCI) to explore financing opportunities from development partners to support Small and Medium Enterprises (SMEs). He pointed to the €150 billion Global Gateway Facility, available for disbursement by 2030, as a significant funding source to drive economic expansion and private sector development.
Speaking during a courtesy visit by ACCI President Chief Emeka Obegolu in Abuja, Bagudu emphasized the need for alternative funding mechanisms beyond government budgets. “We can’t wait for budgetary funding to fund our priorities, but we can disrupt and generate the money to fund the priorities,” he said. He underscored the importance of mobilizing private sector investment, stressing that Nigeria should target $100 billion annually from capital markets and private investors, following the economic models of Brazil and Indonesia.
Bagudu highlighted the Ministry’s constitutional role in coordinating foreign bilateral assistance and developing long-, medium-, and short-term economic plans in collaboration with government institutions, the private sector, and civil society. He noted that attracting external funding and fostering a dynamic, self-reliant economy are crucial to achieving national prosperity.
ACCI President Chief Emeka Obegolu commended the Minister for his leadership in implementing strategic fiscal policies and resource allocation. He acknowledged the Ministry’s support for ACCI’s Investment Climate Reform (ICR) Facility, which aims to create a more business-friendly environment. Obegolu called for stronger collaboration to ensure SMEs benefit from financing, capacity building, and market access.
He further appealed for infrastructure development in the Idu Industrial District, designated as an industrial hub in the Federal Capital Territory (FCT). He described the lack of infrastructure as a major barrier to attracting large-scale investment and urged the government to address the issue. Additionally, he raised concerns about multiple taxation, which he described as a disincentive for businesses, calling for policy reforms to ease the tax burden on SMEs.
Obegolu also advocated for a strengthened Public-Private Partnership (PPP) framework to enhance trade promotion and expand market access for small businesses. “A well-structured PPP will provide the necessary support for SMEs in terms of access to credit, skills development, and business sustainability,” he stated.
As part of the discussions, Obegolu extended an invitation to the Minister to attend the 20th edition of the Abuja International Trade Fair and the 2nd edition of the Farm Fatech Expo, set for September 25–26, 2025. The events aim to showcase investment opportunities, promote trade, and facilitate networking between local and international business leaders.
Bagudu’s call for innovative financing aligns with the government’s broader push for economic diversification and private sector-led growth. With increasing pressure on public resources, leveraging global funding opportunities and private investments is seen as a critical step toward economic resilience and sustainable development.
