Nigeria targets $1tn economy through MSME growth
Federal authorities have reaffirmed plans to develop a trillion-dollar economy through entrepreneurial expansion and technological advancement, according to Chalya Shagaya, senior special assistant to President Bola Tinubu on entrepreneurship development. Speaking at a capital market conference organized by the University of Nigeria, Nsukka Centre for Capital Market Studies in Awka, Anambra State, Shagaya emphasized that micro, small and medium enterprises occupy a central position in national economic strategy rather than peripheral consideration.
The official outlined policy initiatives addressing financing access, regulatory simplification and digital infrastructure development. Data from the Small and Medium Enterprises Development Agency indicates Nigeria hosts approximately 38 million such businesses, with nearly five million concentrated in southeastern regions and roughly 30 percent located within Anambra alone.
Conference organizers identified sustainable financing as the primary obstacle preventing smaller firms from achieving full potential contributions to gross domestic product and employment generation.
