The Federal Government says its ongoing reforms and development programmes are designed not only to reduce poverty but also to empower small and medium-sized enterprises (SMEs) as engines of inclusive growth.
Vice President Kashim Shettima, represented by Sadiq Wanka, Special Adviser to the President on Power Infrastructure, disclosed this at DevFest2025 in Abuja, themed "Ending Poverty in Nigeria."
Unveiling the government's Poverty Exit Plan, Shettima explained that the strategy rests on three pillars: investment in infrastructure, promotion of economic and financial inclusion, and transforming agriculture into a value-driven, mechanised sector. He stressed that sustained reforms could lift up to 50 million Nigerians out of poverty within the next decade.
The Vice President highlighted progress already visible: foreign reserves have climbed to $42 billion, inflation has slowed for six consecutive months, the naira has stabilised, and trade surplus grew by 44.3% in the first half of 2025.
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For entrepreneurs and SMEs, these reforms are expected to translate into improved access to finance, stronger agricultural value chains, and more predictable business conditions. Programmes such as the Conditional Cash Transfers (benefiting 8.1 million households) and the Nigerian Education Loan Fund (NELFUND), which has disbursed N80 billion to students, were also noted as initiatives that indirectly boost local businesses by expanding purchasing power and skilled manpower.
Shettima described the removal of petrol subsidy and the unification of the forex market as "bold but necessary" steps that created fiscal space for investment in sectors like agriculture, infrastructure, and SME development.
International partners such as the European Union pledged support through investments in social safety nets and resilience programmes, while stressing that local innovation, entrepreneurship, and grassroots-driven solutions will be key to success.
At the state level, Enugu's multi-sectoral initiatives in education, agriculture, and health were showcased as models that can complement federal efforts. Stakeholders, including civil society and private sector leaders, urged for policies that go beyond handouts to embrace long-term, evidence-based solutions that strengthen SMEs and local communities.
With more than 82 million Nigerians still living in poverty, participants agreed that sustained reforms, grassroots innovation, and SME empowerment could turn the tide and put the country on a path to shared prosperity.
