Enterprise Issues
With Siaka Momoh
Once is a while, we give out this space to contributors whose pieces are resourceful enterprisewise. Chalya Shagaya’s meets the criteria. This is why she is sitting comfortably in the space today.
Chalya, SSA to Mr President on Entrepreneurship Development, was one of the Speakers at the Nigerian-Indonesia Chamber of Commerce and Industry Mid-year Economic Summit which held in Lagos on Friday.
She argued: ‘As we go forward, we are committed to partnering with the private sector, with institutions like the Nigerian Indonesian Chamber, to drive more investment, smarter collaboration and enterprise led growth.’
And she reeled out steps that have been taken by the Bola Tinubu Administration to strengthen enterprise.
Have a good read:
The theme of today’s summit, “Building Resilience in Turbulent Times,” is more than just a headline. It speaks directly to the Nigerian story — one where the wind always blows, the tides can be unpredictable, but somehow the boat still moves forward.
When this administration came into office, the economic weather was anything but calm. We inherited high inflation, low revenues, growing debt, and frankly a lot of creative accounting. Nigeria was borrowing to pay fuel subsidies and using foreign reserves to defend an exchange rate that was behaving more like a toddler on a sugar rush than a stable currency.
But the administration rolled up its sleeves. No magic. No shortcuts. Just tough decisions and intentional reforms. We removed fuel subsidies, opened up the foreign exchange market, recapitalised the banking sector, and introduced tax and power sector reforms. Some people said we were being too bold. Others said we were being too fast. But when your house is on fire, you don’t wait for the weather forecast. You act.
And guess what? The early signs are encouraging. Foreign reserves have grown from 4 billion dollars to over 23 billion dollars. State governments are smiling again. Monthly allocations have increased. Remittances are improving and exports are finally dancing to the beat of global competitiveness. Inflation is still high, but at least now it’s walking, not sprinting.
But let’s bring this closer to home — to the entrepreneurs. The administration has been deliberate about supporting the real MVPs of the economy. The hustlers, the builders, the quiet warriors in markets, kitchens, studios, farms and laptops.
‘As we go forward, we are committed to partnering with the private sector, with institutions like the Nigerian Indonesian Chamber, to drive more investment, smarter collaboration and enterprise led growth.’
We launched:
• A 75 billion naira loan through the Bank of Industry to support 75,000 MSMEs at single digit interest. Yes, single digit. In Nigeria. No joke.
• The Presidential Conditional Grant Scheme 50,000 naira to over one million nano businesses. The kind of business where the office is a table, the signboard is handwritten, and the customer service is spirited.
• A new tax bill. No more multiple taxes from everyone with a lanyard and a uniform. And we raised the tax exemption threshold so more small businesses can grow in peace before the taxman shows up.
• The National Credit Guarantee Company with 100 billion naira to help MSMEs access credit without having to bring their grandmother’s land title as collateral.
• Ongoing investments in digital infrastructure, innovation hubs, and skills development to unlock the brilliance of Nigeria’s tech, fashion and creative sectors.
This isn’t charity. It’s smart economics. Entrepreneurs are not just business owners. They are job creators, problem solvers, and brand ambassadors. They are the ones building resilience one small win at a time.
The administration sees them. And we are designing policies that move beyond buzzwords to real, accessible support.
Let’s be honest. Resilience is not about pretending things are easy. It’s about choosing to build anyway. Choosing to dream even in turbulence. Choosing to keep showing up. That is the Nigerian spirit.
As we go forward, we are committed to partnering with the private sector, with institutions like the Nigerian Indonesian Chamber, to drive more investment, smarter collaboration and enterprise led growth.
Nigeria’s entrepreneurs are not waiting for perfect conditions. They are building the future now and with the right support, they will not just survive the storm. They’ll dance in the rain.”
Ms Chalya Shagaya is SSA to the President on Entrepreneurship Development.
