Tinubu’s reforms reviving businesses, restoring investor-confidence – Presidency

The presidency has said ongoing economic reforms undertaken by the administration of President Bola Ahmed Tinubu are restoring confidence in Nigeria’s business environment and creating new opportunities for entrepreneurs to expand.

The Technical Assistant on Regional Development Programmes Office of the Vice President, Dr Nafia Abdullahi, stated this on Sunday during the commissioning of Makib Estilo, a new business outlet in the Central Area of Abuja, by the Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim.

Unveiling the business outfit, the minister notes that businesses are witnessing rapid growth because the Tinubu administration is supporting micro, small, and medium enterprises (MSMEs) through targeted intervention funds, single-digit loans, and free business formalization drives.

Corroborating the minister’s stance, Dr. Abdullahi attributed the growth of the enterprise from a small shop into a diversified business to what she described as improving economic conditions under the administration’s Renewed Hope Agenda.

The presidential aide also challenged opposition politicians criticising the administration’s economic policies to engage directly with businesses and ordinary Nigerians before concluding that the reforms had worsened economic conditions.

Dr. Abdullahi said critics should assess the reforms objectively, arguing that while economic changes could initially be difficult to absorb, Nigerians were gradually becoming accustomed to the new realities and beginning to appreciate their potential benefits.

“Change is not easy. People don’t easily adapt to change. I don’t adapt to change easily myself,” she said.

According to her, the reforms are introducing new economic realities to Nigerians, but their impact was becoming clearer as businesses and citizens adjusted to them.

“What is happening now is that the country is introducing things to Nigeria that people are not very familiar with. But along the way, they are getting accustomed to them and seeing their importance and the positive impact they are having on the economy,” she said.

Abdullahi said the administration’s economic reforms had begun to ease some of the difficulties previously faced by businesses, particularly enterprises dependent on imported goods.

She identified developments in the foreign exchange market as a major factor contributing to renewed confidence among entrepreneurs.

“The Renewed Hope Agenda, as we all know, coming from the Presidency, is one of the greatest things happening to Nigeria. This is one of the administrations that has done well for entrepreneurs,” she said.

She recalled that the sharp depreciation of the naira had previously increased the cost of importing goods and made business expansion more difficult.

“If you look at the dollar, as my sister mentioned earlier, before, the dollar was just going up rapidly, so it was getting difficult for us to import and bring things into Nigeria.

“But after the economic reforms were introduced, everything started coming down. You can see that the business is stabilised,” Abdullahi said.

Abdullahi said Makib Estilo, established by Fatima Abdullahi Bono, started about seven years ago as Makib Apparels but had since evolved into a one-stop outlet offering interior products, kitchenware, fabrics and other household and lifestyle items.

She said the decision to rebrand the business as Makib Estilo was aimed at bringing its expanding product lines and outlets under a single identity while giving customers greater convenience.

“We are very happy with what she has become. This business started seven years ago. So, you can imagine starting from a small shop and seeing what we have today,” she added.