The FATE Institute has launched two major reports aimed at reshaping Nigeria’s entrepreneurial landscape and reigniting industrial growth, as stakeholders gathered yesterday for the 11th Annual Policy Dialogue Series on Entrepreneurship (PDS). The event, held at The Metropolitan Club, Victoria Island, Lagos, convened policymakers, MSME operators, development partners, and private-sector leaders to examine the current state of entrepreneurship and chart a path toward inclusive industrialisation.
The two publications, the 5th State of Entrepreneurship in Nigeria Report and Beyond the Hustle: Nigeria’s Industrial Reawakening, highlight both the resilience of Nigerian entrepreneurs and the deep structural barriers limiting the country’s industrial ambitions.
Mr. Tokunbo Talabi, Chairman of the Communications and Advocacy Committee at FATE Foundation, formally launched the reports. He described them as practical tools that will guide decision-making for business owners, investors, and government institutions. According to him, entrepreneurship in Nigeria is evolving rapidly, but many MSMEs still lack the structure, support, and investment needed to scale. “Entrepreneurship is no longer just about survival. These reports provide the frameworks that help businesses transition from hustle to measurable results,” he said.
The 2025 State of Entrepreneurship report shows a modest improvement in the national entrepreneurship index, which rose from 0.46 to 0.47. Surveying 10,882 businesses across all 36 states and the FCT, the report found high optimism (0.72), increased technology adoption (0.55), and slight growth in innovation indicators. Women now lead 44 percent of enterprises, while youth account for nearly 66 percent of business owners. However, skills acquisition (0.22), enabling business environment (0.39), and access to long-term finance remain major constraints slowing enterprise growth.
In his keynote address, Senator John Owan Enoh, Honourable Minister of State for Industry, Trade and Investment, emphasized that industrialisation cannot be achieved by government alone. He called for stronger collaboration, predictable policies, and technology-driven solutions that allow MSMEs to expand beyond subsistence levels. Speaking during a fireside chat with Mr. Michel Deelen, Consul General of the Netherlands, the minister stressed the importance of building international partnerships and ensuring that policy reforms translate into practical support for entrepreneurs.
A major highlight of the dialogue was the presentation of the Beyond the Hustle: Nigeria’s Industrial Reawakening report, which traces Nigeria’s industrial performance from 1990 to 2025. The report shows that manufacturing’s contribution to real GDP has dropped from more than 20 percent in the early 1990s to below 9 percent in 2024 evidence of what it terms “premature deindustrialisation.” It identifies persistent weaknesses: low productivity despite rising employment, weak export performance, limited participation in global value chains, and policy inconsistencies that hinder the growth of manufacturing clusters.
The report argues that Nigeria’s industrial strategy has historically focused on large firms and macro-level incentives, leaving out the small-scale producers that drive job creation and productivity. Although sectors such as cement production and oil refining have seen advancements, these gains remain concentrated among big players. To address the gaps, the report proposes a five-pillar framework: placing small firms at the heart of industrial policy, strengthening infrastructure, reforming financing systems, building technological and industrial capabilities, and improving policy coordination and execution.
Panel discussions during the event explored the realities faced by MSMEs, including overlapping regulations, inadequate infrastructure, and difficulty accessing affordable financing. Experts pointed to agro-processing, digital tools, and cluster-based production as critical opportunities for growth. Stakeholders agreed that removing policy ambiguity, expanding skills programs, and supporting innovation-driven enterprises would significantly improve Nigeria’s MSME competitiveness.
The dialogue concluded with a call for collective action, urging government agencies, private-sector players, and development institutions to align their efforts in creating an enabling environment where entrepreneurs can scale sustainably, contribute to industrialization, and drive long-term economic transformation.
