President Bola Tinubu has unveiled an ambitious economic strategy aimed at establishing one thousand active businesses in every ward across Nigeria. This initiative is designed to stimulate the national economy from the grassroots level through empowerment and job creation.
Details of the Grassroots Economic Plan
The announcement was made on behalf of the President by Vice-President Kashim Shettima during the G20 Summit in Johannesburg, South Africa. According to data from the Independent National Electoral Commission (INEC), Nigeria has approximately 8,809 wards, meaning this program could potentially create millions of new business entities nationwide.
President Tinubu emphasized that this ambitious plan focuses on grassroots empowerment, skills acquisition, and job creation as key drivers for economic stimulation. The initiative promises to decentralize economic development and bring prosperity to local communities across all states.
Global Context and Economic Reforms
During his speech at the international forum, President Tinubu also highlighted Nigeria's recent economic reforms, noting that fiscal policies implemented by his administration have significantly improved the investment climate. These measures have strengthened Nigeria's position for attracting both foreign direct investment and portfolio investments.
The President used the global platform to call for substantial reforms to the international financial system, arguing that current multilateral frameworks no longer reflect modern economic realities. He stressed that the G20 must champion reforms that specifically support countries in the global south and address recurring debt challenges that hinder development.
Support for Sustainable Development
Tinubu underscored the critical need for sustainable financing to support development goals, warning that rising debt levels remain a major barrier to economic progress across Africa. He urged G20 nations to adopt policies that deepen financial inclusion, support indigenous production, enhance African exports, and attract more investment to the continent.
The President commended the World Trade Organisation for supporting fair trade practices, specifically referencing the Women Exporters in the Digital Economy Fund. This initiative provides grants and technical assistance to help women entrepreneurs expand their digital capabilities and access global markets.
This business development initiative aligns with other government programs, including the recently launched SMEDAN Pitch Competition that offers N20 million in grants to outstanding entrepreneurs and supports business growth through innovation and resilience-building measures.
