Addressing the Gaps in Nigeria’s Entrepreneurial Ecosystem
The Speaker of the House of Representatives, Hon. Abbas Tajudeen, highlighted a critical issue facing Nigerian entrepreneurs during his keynote address at the Enterprise Nexus Summit in Abuja. He stated that while entrepreneurs possess ideas and courage, there is a significant gap in the structures that support their energy and ambitions. The House is actively working to bridge this gap.
The summit, themed ‘Strengthening Local Enterprise Through Policy Support and Access,’ brought together a diverse group of participants, including youths, business executives, development partners, policymakers, and other stakeholders. The event aimed to create a platform where policy, ambition, and opportunity could converge to produce tangible outcomes.
Represented by his Deputy, Hon. Benjamin Okezie Kalu, the Speaker emphasized that the Enterprise Nexus Summit was not intended to be just another event on the crowded calendar of economic conferences. Instead, it was designed as a working platform where meaningful conversations could lead to measurable impacts on livelihoods.
He explained that the purpose of the summit was to foster an ecosystem conversation rather than a ceremonial gathering. The goal was to create a space where the energy of entrepreneurs met the responsibility of policymakers, focusing on solutions rather than speeches.
Tajudeen pointed out that Nigerian entrepreneurs have never lacked ideas or courage. However, what they often lack is a system that aligns with their energy. A system that ensures access, information, capital, and public policy move in the same direction. He stressed that potential alone cannot translate into prosperity without an environment that supports it.
The Enterprise Grant being introduced is a bold step, and its success will be measured not by the size of the cheques but by the number of viable businesses it helps stabilize and scale. Beneficiaries should be tracked, mentored, evaluated, and linked to opportunities within larger value chains.
Tajudeen reiterated that the Renewed Hope Agenda of President Bola Ahmed Tinubu places enterprise at the center of national transformation. The agenda aims to propel Nigeria into a trillion-dollar economy in the next five years through the facilitation of small- and medium-scale enterprises.
He called for the legislature to lead by ensuring that the rules of the economy are coherent, modern, and aligned with the realities of a young, innovative, and impatient population.
Key Shifts for Sustainable Growth
The Speaker outlined three practical shifts that should be the focus of today’s conversations:
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From Fragmentation to Coordination: Too many support initiatives operate in isolation, each doing good work but rarely speaking to one another. Entrepreneurs face challenges that cut across finance, training, taxation, technology, logistics, and market access. The Enterprise Nexus Summit brings all these actors into one space because coordination is no longer optional; it is the most cost-effective form of reform. When institutions align, impact multiplies.
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From Instincts to Capabilities: As a former university lecturer, Tajudeen knows that knowledge becomes powerful only when it is transferred and applied. A competitive economy cannot be built on instincts and improvisation alone. The goal is not to create a handful of star entrepreneurs but to raise a generation of businesses that can compete anywhere because their foundations are sound—in governance, financial literacy, production standards, and digital competence.
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From Exclusion to Inclusion: A productive economy must work for those who have historically been left on the margins—women, youth, people living in underserved communities, artisans, and rural creators. If the enterprise agenda is not inclusive, then it is not strategic. A nation cannot rise on a narrow base; the base must be wide, diverse, and empowered.
Collaborative Efforts for Economic Growth
Tajudeen noted that the responsibility for building a productive economy does not rest solely on the government. However, the government must set the tone through legislation that protects innovation, oversight that encourages transparency, and collaboration that respects the expertise of the private sector and development partners.
Development finance institutions, universities, state governments, and global partners all have roles to play. This summit is not just an event but an invitation to coordinate, commit, and innovate.
The 10th House has advanced legislative support for SMEs through various efforts, including legislation, budget implementation, funding access, regulatory ease, innovation, and vocational support. For instance, the House Committee on Commerce has conducted multiple oversight visits to SMEDAN, which has collaborated with the Bank of Industry to disburse over N100 billion in SME grants/loans under schemes like AGSMEIS and the N75 billion MSME Intervention Fund launched in late 2024.
Through its resolutions, the 10th House has called for faster implementation of the 2024 budget’s N50 billion allocation for MSME clusters to enhance access to credit and market linkages for small-scale enterprises.
The House is currently carrying out legislative action on the Innovation and Entrepreneurship Support Bill, 2025, which proposes a national framework for innovation hubs, tax breaks for tech start-ups, and partnerships with the private sector for mentorship programmes. The bill, when passed, will build on the Nigeria Start-up Act 2022 by focusing on non-digital SMEs.
Another important step is the proposed Senate amendment to the Nigerian Export-Import Bank Act (NEXIM), 1991, which aims to increase NEXIM’s capitalisation for SME export financing, including low-interest loans dramatically. The amendment targets small-scale exporters in agriculture and manufacturing with the potential to unlock about $1 billion in trade opportunities.
The House is also advancing legislative action on the Factoring and Invoice Discounting Bill, which aims to enable SMEs to convert receivables into immediate cash for working capital. Supported by stakeholders like CBN, SEC, and NACCIMA, the bill seeks to address liquidity challenges in trade finance to further SME expansion.
Looking ahead, a strengthened local enterprise ecosystem would be one where policy is proactive, not reactive. Policies like the Nigeria First Policy of the Federal Government, which mandates all MDAs to give preference to local manufacturers and producers in procurement needs, can improve local enterprise development and growth.
Governments across the country should adopt policies that enable start-ups to flourish. Financial institutions should help drive innovation through enhanced access to finance, and corporations should adopt mentoring policies to develop SMEs.
Tajudeen commended the trio of Hon. Martins Esin, Hon. Olamijuwonto Ayodeji Alao-Akala, and Hon. Fuad Kayode Laguda, chairmen of the House Committees on Youth Development, Youth in Parliament, and Polytechnics and Technical Institutions Committee, for their resilience.
