FG reiterates commitment to renew Nigerian economy, restore hope

Vice-President, Kashim Shettima, has reiterated the Federal Government’s commitment to renew the Nigerian economy and restore hope to the people.

Shettima said this during the 6th Annual Lecture of the Development Bank of Nigeria (DBN) in Abuja on Thursday.

The vice-president was represented by Dr Tope Fasua, Special Adviser to the President on Economic Affairs.

He said that President Bola Tinubu’s administration came into office with a bold and unflinching resolve to renew the Nigerian economy and restore hope.

Shettima said that the theme of this year’s lecture, “Positioning Nigerian MSMEs for Growth in a Dynamic Policy Environment” resonated deeply with the President’s Renewed Hope Agenda.

“MSMEs are not peripheral actors, they are the lifeblood of our economy, accounting for over 80 per cent of employment and making a significant contribution to Gross Domestic Product (GDP).

“As the government provides policy clarity and enabling infrastructure, institutions like DBN are critical partners in translating that vision into action.

“They do so bensuring that every entrepreneur, from the farmer in Kano to the digital innovator in Lagos, can access the tools to thrive,” he said.

Shettima urged citizens to align with government policy, private sector innovation and development finance towards a singular purpose of building a country where small businesses flourish, industries expand, and prosperity is widely shared.

“Over the past year, we have witnessed leadership that does not shy away from hard but necessary reforms.

“Key among these are fuel subsidy removal and energy reform.

“By confronting the age-long challenge of subsidy, the president redirected vital resources to infrastructure, healthcare, education, and social investment programmes that directly benefit the citizens.

“There is also the unification of the foreign exchange market, MSME and startup support, and infrastructure renewal, and global engagement,” he said.

The Managing Director, of DBN, Dr Tony Okpanachi, said that in the past, MSMEs had been tested by policy shifts of historic proportions, including access to finance, which has hampered their growth and sustainability.

“However, we have also seen in recent years, a new dawn and a rekindled hope for the MSMEs in the country with unwavering commitment to alleviate the challenges faced by the MSMEs through several initiatives.

“The initiative include the inauguration of the National Council on MSME, whose role include formulating policies to drive MSME development, fostering public-private partnership, and promoting inter-agency collaboration.

“We at DBN align strongly with this agenda and are doing a lot to ensure that MSMEs continue to prosper and flourish,” he said.

Okpanachi said that in December 2024, DBN disbursed a cumulative sum of over N1.1 trillion to MSMEs across the country, working through 79 participating financial institutions to on-lend to over 700,000 businesses.

According to him, the figures represent more than just numbers.

“They reflect jobs sustained, dreams realised, and enterprises positioned for growth,” he said.