‘Our plan to attaining $1 trillion economy target’

Federal Government has reassured its commitment to building a $1 trillion economy through enterprise, productivity and innovation.

Senior Special Assistant to President Bola Tinubu on Entrepreneurship Development, Communications, Innovation and Digital Economy, Chalya Shagaya disclosed this in Awka, Anambra State at a two-day Conference/Workshop organised by the UNIZIK Centre for Capital Market Studies (UCCMS).

The conference with the  theme: “Harnessing Capital Market Oportunities for SME Growth and Investment Sustainability,” was in collaboration with the Securities and Exchange Commission.

Describing micro, small and medium enterprises (MSMEs) as not just an afterthought but at centre of national growth, Shagaya pledged government’s continued willingness to eliminate barriers to business.

She said: “Under the leadership of President Bola Ahmed Tinubu, the Federal Government is fully focused on building a $1 trillion economy, not by magic, but by enterprise, productivity, and innovation.“Through the Renewed Hope Agenda, MSMEs are not just an afterthought; they are at the center of national growth.

“The President understands that when our small businesses thrive, Nigeria thrives. The plan is simple: help entrepreneurs access finance, create enabling environments, and give you the digital and physical infrastructure to scale.

“Under Tinubu’s leadership, we are laying a foundation for a Nigeria where every small business has a fair shot, where good ideas do not die and where entrepreneurship becomes not just survival, but success.”According to the SSA, a lot is already happening under the recent Policy and Institutional Actions, including Access to Finance, Ease of Doing Business, Digital Enablement, as well as Franchising for Scale.

She cited the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) data that Nigeria had over 38 million small and medium enterprises in 2021.

“Nearly 5 million of staggering 38 million MSMEs are domiciled in the South East, with about 30 percent in Anambra alone,” she added.

Director, UCCMS, Prof Chinedu Onyeizugbe identified access to sustainable finance as key challenge for small and medium–sized enterprises.

“The conference seeks to address the gap by exploring how the capital market can become a catalyst for SME expansion, business innovation and long- term economic sustainability,” he added.

Acting VC, Prof Carol Arinze-Umobi commended the SMEs for their key roles in socio economic development, including job creation, innovations, business competition as well as contributions to gross domestic product as backbone of nation’s economy.

She however decried the challenge of funding which she said had hampered full realization of their potential contribution to socioeconomic development.

‘Our plan to attaining $1 trillion economy target’ - The Nation Newspaper