The Federal Government has called on the Abuja Chamber of Commerce and Industry (ACCI) to collaborate with development partners to secure financial and credit support for Small and Medium Enterprises (SMEs) in Nigeria.
The Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, made this appeal during a courtesy visit from the ACCI President, Chief Emeka Obegolu, at his office.
Bagudu emphasized the importance of mobilizing external funding sources, particularly noting the availability of the €150 billion Global Gateway Facility set to be disbursed by 2030.
“We can’t wait for budgetary funding to finance our priorities. Instead, we must be innovative in generating the funds needed to drive national development,” the Minister stated.
He further highlighted the Ministry’s role in coordinating foreign bilateral technical assistance and developing long, medium, and short-term economic plans in collaboration with relevant stakeholders, including federal and national institutions, the private sector, and civil society organizations.
Bagudu also stressed the need for increased investment from the capital market and private sector, estimating that $100 billion annually is required to strengthen Nigeria’s economy. He cited Brazil and Indonesia as examples of nations that have successfully leveraged capital markets for economic growth.
In his remarks, Chief Obegolu commended the Minister’s leadership in driving economic development through strategic fiscal policies and resource allocation. He acknowledged the Ministry’s support for the ACCI’s Investment Climate Reform (ICR) Facility workshop, which aims to foster sustainable business growth.
Obegolu urged the government to improve infrastructure in the Idu Industrial District to attract large-scale investments, given its designation as the Federal Capital Territory’s industrial hub. He also called for a review of multiple taxation policies, which he described as a deterrent to business growth.
Furthermore, the ACCI President advocated for stronger Public-Private Partnerships (PPPs) to enhance access to credit, capacity building, and trade promotion for small-scale businesses, ultimately driving sustainable economic growth.
During the visit, Chief Obegolu also invited the Minister to the upcoming 20th edition of the Abuja International Trade Fair and the 2nd edition of the Farm Fatech Expo scheduled for September 25-26, 2025.