Tinubu Plans 1,000 Businesses in Every Ward to Boost Local Economy
- President Bola Tinubu has announced plans to establish 1,000 active businesses in each of Nigeria’s over 8,000 wards
- Speaking at the G20 summit, he called for reforms to the global financial system, saying current structures do not reflect today’s economic realities
- Tinubu urged the G20 to support sustainable financing, financial inclusion, and increased investment in Africa
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, tech and macroeconomic trends in Nigeria.
President Bola Tinubu has said the federal government is working on an ambitious plan to establish 1,000 active businesses in each ward across Nigeria, The Cable reported.
Tinubu said this through the Vice-President Kashim Shettima, who represented him at the G20 Summit in Johannesburg, South Africa, on Friday.
The Cable, quoting the Independent National Electoral Commission (INEC), noted that Nigeria has about 8,809 wards.
Source: Twitter
In his speech at the event, Tinubu said his government’s plan to create 1,000 businesses per ward aims to stimulate the economy through grassroots empowerment, skills acquisition, and job creation. He added that the plan promises to drive economic growth at the grassroots level.
The president highlighted Nigeria’s recent economic reforms, noting that fiscal policies introduced by his administration have improved the investment climate and strengthened the country’s preparedness for both foreign direct investment (FDI) and portfolio investments.
Tinubu acknowledged the G20’s role in pushing for inclusive and sustainable economic development, while he also called for an overhaul of the global financial system.
He argued that the current multilateral framework no longer reflects modern economic realities, stressing that the G20 must champion reforms that support countries in the global south and address recurring debt challenges.
“Africa cannot realise the positive paradigm shift we seek in its development trajectory without a collective resolve from the G20,” he said.
He also commended the World Trade Organisation (WTO) for supporting fair trade, referencing the Women Exporters in the Digital Economy Fund, which provides grants and technical assistance to help women entrepreneurs expand their digital and global market capabilities.
Tinubu further stressed the need for sustainable financing to support development goals, warning that rising debt levels remain a major barrier to economic progress.
He urged the G20 to adopt policies that deepen financial inclusion, support indigenous production, enhance exports from Africa, and attract more investment to the continent.
Source: Getty Images
FG opens N20 million loan application for SMEs
Legit.ng reported that the federal government, the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), recently announced the launch of the 2025 SMEDAN Pitch Competition.
Applicants are required to submit a one-to-two-minute video introducing their business, explaining the problem their product or service solves, and demonstrating how it aligns with the 2025 conference theme, ‘Building a Future of Innovation, Resilience, and Prosperity.’
The competition will award N20 million in grants to five outstanding entrepreneurs and sponsor 10 finalists for an all-expense-paid trip. The awarded businesses must demonstrate innovation, resilience, and sustainable growth.
Source: Legit.ng
