MSMEs and the Renewed Hope of Economic Transformation

By Mfon Udott

“Our people do not seek superficial answers to hard questions. They want true and innovative solutions that address the challenging realities of today.” — President Bola Ahmed Tinubu

When President Bola Ahmed Tinubu unveiled his Action Plan for Nigeria, it was more than a campaign promise—it was a blueprint for national renewal. Alongside his deputy, Vice President Kashim Shettima, he spoke of listening to Nigerians from every background—young and old, poor and rich, educated and uneducated, Christian and Muslim.

That philosophy of inclusivity and innovation gave birth to the Renewed Hope Agenda—an ambitious, integrated policy framework designed to reposition Nigeria as a global economic player. Among its strategic pillars is a firm commitment to reforming the economy for sustained and inclusive growth, with a focus on empowering citizens, stimulating enterprise, and ensuring equitable prosperity.

At the heart of this transformation lies a recalibrated focus on Micro, Small, and Medium Enterprises (MSMEs)—the true engines of Nigeria’s economy. The administration’s passion for driving this sector reflects a clear understanding: that national growth must begin from the grassroots.

Leading this charge is Mr. Temitola Adekunle Johnson, a young, dynamic innovator whose pragmatic leadership has turned the MSMEs initiative into one of the government’s most impactful programmes. Under his coordination, the scheme has evolved into a powerhouse of creativity, innovation, and empowerment.

The MSMEs Clinics have become one-stop solutions where entrepreneurs directly engage agencies like SMEDAN, NAFDAC, SON, BOI, BOA, FIRS, DBN, and the CAC. This direct engagement eliminates bureaucratic bottlenecks, enhances the ease of doing business, and strengthens the capacity of small enterprises to scale efficiently.

Under the watch of Vice President Kashim Shettima, the MSMEs programme has grown in scope, structure, and success. His leadership—marked by transparency, diligence, and political foresight—has given the scheme renewed credibility.

At the 31st Nigerian Economic Summit, Shettima announced a ₦200 billion intervention fund for MSMEs, signalling the administration’s resolve to empower entrepreneurs and manufacturers to overcome structural barriers.

“As a people-oriented government,” he declared, “our priority remains restoring hope to the unemployed, the poor, the excluded, and the vulnerable. We have created pathways for young Nigerians to access grants, loans, and equity investments of up to $100,000 to scale their enterprises, innovate, and build sustainable livelihoods.”

This bold intervention positions MSMEs as the bridge between policy and prosperity—one capable of unlocking innovation, reducing unemployment, and driving inclusive development across all 36 states.

Globally, MSMEs are recognised as catalysts for economic stability. According to the World Bank, developing economies must generate over 600 million jobs in the next 15 years, with MSMEs expected to produce nearly 80% of them.

In Nigeria, this potential is even greater. MSMEs not only create employment but also expand the tax base, improve product quality, and stimulate market competition—strengthening both the supply chain and consumer confidence.

Vice President Shettima’s nationwide advocacy for shared facilities and enterprise clusters underscores the administration’s commitment to balanced and sustainable growth. His coordination of the National Economic Council (NEC) ensures that federal and state policies work in synergy, rather than in silos.

The Tinubu administration’s economic vision goes beyond traditional stimulus packages. By prioritising MSMEs, it is investing in people, not just projects. From agriculture to manufacturing, from digital innovation to creative industries, these enterprises are the seeds of Nigeria’s next economic renaissance.

Indeed, the Renewed Hope Agenda is not just about recovery—it is about reinvention. It is about nurturing the energy, ideas, and resilience of millions of ordinary Nigerians whose creativity can drive extraordinary change.

If faithfully implemented, this vision can transform Nigeria from a consumption-driven economy into a production powerhouse—anchored on innovation, inclusivity, and integrity.

Mfon Udott is a public affairs analyst and writer based in Abuja.