Abuja, Sept. 25, 2025 (NAN) – Vice-President Kashim Shettima has reaffirmed the Federal Government’s commitment to revitalize the Nigerian economy and restore hope to citizens, highlighting the pivotal role of Micro, Small, and Medium Enterprises (MSMEs) in driving national growth.
Shettima made the remarks during the 6th Annual Lecture of the Development Bank of Nigeria (DBN) in Abuja on Thursday, where he was represented by Dr Tope Fasua, Special Adviser to the President on Economic Affairs.
He noted that President Bola Tinubu’s administration entered office with an unwavering resolve to renew the economy and inspire confidence among Nigerians. The theme of this year’s lecture, “Positioning Nigerian MSMEs for Growth in a Dynamic Policy Environment,” aligns closely with the government’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 contributing significantly to GDP,” Shettima said. “With clear policies and enabling infrastructure, institutions like DBN play a crucial role in ensuring entrepreneurs—from farmers in Kano to digital innovators in Lagos—have access to tools for growth and success.”
The Vice-President urged citizens to collaborate with government initiatives, private sector innovation, and development finance to build a country where small businesses thrive, industries expand, and prosperity is widely shared.
“Over the past year, we have witnessed leadership unafraid of tough but necessary reforms,” he added, citing fuel subsidy removal, energy reform, unification of the foreign exchange market, MSME support, infrastructure renewal, and global engagement as key measures benefiting citizens directly.
Dr Tony Okpanachi, Managing Director of DBN, underscored the challenges MSMEs have historically faced, particularly in accessing finance and navigating shifting policies. He said recent government initiatives have rekindled hope, helping MSMEs overcome barriers and achieve sustainability.
Among these initiatives, he highlighted the inauguration of the National Council on MSMEs, tasked with formulating policies, fostering public-private partnerships, and promoting inter-agency collaboration.
Okpanachi revealed that DBN disbursed over N1.1 trillion to MSMEs as of December 2024, channeling funds through 79 participating financial institutions to support more than 700,000 businesses nationwide.
“These figures are more than just numbers—they represent jobs sustained, dreams realized, and enterprises positioned for growth,” he said, emphasizing the transformative impact of strategic financing and government-private sector synergy on Nigeria’s entrepreneurial ecosystem.
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Reporting by Naija247news in Lagos, Nigeria.
