DAILY MENTOR NEWS
By Staff Writer | August 13, 2025
Bola Tinubu has declared that Nigerians have no reason to be poor, reaffirming his administration's commitment to boosting Micro, Small, and Medium Enterprises (MSMEs) and driving economic growth in the country.
Speaking at the 8th Expanded National MSME Clinic in Calabar on Wednesday, President Tinubu highlighted Nigeria’s wealth in human and natural resources as key assets that can transform the nation’s economy. Represented by Vice President Kashim Shettima, the president stressed that with fertile land and vast resources, Nigeria has the potential to eradicate poverty through strategic development.
“The Federal Government intends to plant 100 million oil palm trees, more than any other state,” Tinubu said, citing Cross River State's agricultural advantage. He also praised the establishment of a state-of-the-art communication and technology hub for MSMEs in Cross River, emphasizing that digital access and innovation are essential for growth in today’s market.
Tinubu further outlined his administration’s Renewed Hope Agenda, which goes beyond providing loans or grants to building an ecosystem that fosters entrepreneurship, infrastructure, and creativity. “Our commitment is not just to give loans or grants, but to build an ecosystem that provides infrastructure and enhances the creativity of entrepreneurs,” he said.
The president’s remarks align with broader government efforts under the Renewed Hope Agenda, which includes targeted tax reliefs, direct cash transfers to vulnerable families, agricultural investments, and education support schemes. Presidential spokespersons have noted that over 250,000 MSMEs have received financial support in 2025, and more than three million families benefit from direct transfers, while nearly 400,000 students continue their education without financial fears.
Governor Bassey Otu of Cross River described the MSME Clinic as a vital joint initiative between the federal and state governments to nurture the entrepreneurial spirit and enhance the state’s economy. He highlighted training programs that have empowered thousands of entrepreneurs statewide.
In addition, the Bank of Industry (BOI) confirmed its role as a primary supporter of MSMEs, disbursing significant funds to rural businesses and advocating for industrial growth in Cross River.
While acknowledging ongoing economic challenges, President Tinubu reiterated that through deliberate policy reforms and collaboration with state governments, Nigeria is healing economically and poised for a prosperous future.