President Bola Tinubu has said the Federal Government is expanding access to production equipment and infrastructure for small businesses as part of efforts to reduce the high cost of setting up and running enterprises in Nigeria.
Tinubu said the government’s shared MSME facilities are designed to allow entrepreneurs to use modern machinery, power supply and production infrastructure without having to shoulder the full cost of purchasing and maintaining such facilities individually.
The President made the remarks on Tuesday while highlighting measures under his administration’s Renewed Hope Agenda aimed at supporting micro, small and medium enterprises.
According to Tinubu, the Federal Government is developing shared MSME hubs through the National MSME Clinics to address some of the infrastructure and equipment challenges facing entrepreneurs.
He disclosed that 21 shared facilities are currently operating across 19 states and the Federal Capital Territory, with the facilities supporting businesses and an estimated 650,000 jobs.
Tinubu said the initiative was particularly important for entrepreneurs who have the skills and business ideas but cannot afford expensive industrial equipment.
“A tailor should not need millions of naira to buy industrial machinery before she can grow her business. A food processor should not have to build a factory before producing at scale,” he said.
The President said the government’s responsibility was to remove some of the barriers preventing small businesses from expanding.
He explained that access to modern machinery and reliable production infrastructure could enable entrepreneurs to increase output while reducing operating costs.
According to him, stronger MSMEs would also be better positioned to compete in the market, expand their operations and employ additional workers.
“When small businesses can produce more, at lower cost, they become more competitive. They grow. They employ more people. They create income and opportunity for Nigerian families,” Tinubu said.
The President said supporting businesses at the grassroots remained a key part of the Federal Government’s economic strategy.
He added that providing entrepreneurs with the tools and infrastructure required to expand their businesses would help create jobs, increase household incomes and strengthen local economic activity.
“Giving Nigerian enterprise the tools to succeed is how we build prosperity from the ground up. That is the Nigeria we are building,” Tinubu added.
