President Bola Tinubu has stated that Nigerians are beginning to experience the benefits of his administration’s economic reforms, even as the government intensifies efforts to support small businesses and vulnerable groups.
Speaking during a meeting with Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), at the G20 Leaders’ Summit in Rio de Janeiro, Brazil, Tinubu acknowledged the challenges faced by businesses and households following the removal of petroleum subsidies and the naira’s floating exchange rate.
“We have started seeing positive results from our reforms, and the Nigerian people now understand the need for them. However, we must reduce the hardship that has resulted from their implementation,” Tinubu said.
The President assured that his administration will continue to prioritize the welfare of small business owners, emphasizing tax reforms aimed at broadening the economic base without imposing additional burdens on entrepreneurs.
Read also
- How vision boards can transform your business goals
- Lagos rail expansion set to boost small businesses, entrepreneurs
- Ekiti agro-business farmers gain boost with L-PRES cluster initiative
- Niger State agriculture generates over N600b in 2024
- SMEDAN unveils #StartWithSMEDAN to boost small businesses
“Small businesses are critical to economic growth, and we are engaging stakeholders to ensure a business-friendly environment. Our focus is on creating opportunities that promote inclusivity and drive sustainable development,” Tinubu added.
Tinubu also highlighted his administration’s plans to invest heavily in education, describing it as essential for equipping the workforce to support small and medium-sized enterprises (SMEs).
Georgieva commended the economic reforms and their early indicators of progress, offering IMF support to help Nigeria diversify its economy and boost the capacity of small businesses.
The IMF chief expressed interest in providing technical expertise to improve Nigeria’s fiscal management and ensure resources are channeled toward growth-stimulating initiatives.
This dialogue reaffirms the government’s commitment to easing the pressures on small businesses and unlocking economic opportunities to sustain their growth.
Discover more from SMALL BUSINESS INSIGHTS
Subscribe to get the latest posts to your email.
