Nigeria’s Minister Urges ACCI To Seek Support Of Development Partners For SMEs

Nigeria’s Minister of Budget and Economic Planning Sen. Abubakar Bagudu has called on the Abuja Chamber of Commerce and Industry (ACCI) to seek finance and credit support of development partners to encourage Small and Medium Enterprises (SMEs) in the country, as the sum of 150bn Euros Global Gateway Facility was available to be disbursed by the year 2030.

A statement by Director Information & PR of the Ministry, Mrs Osagie Jacobs revealed that the Minister made this clarion call during a courtesy call on him by the President of the Abuja Chamber of Commerce and Industry (ACCI), Chief Emeka Obegolu, SAN, Phd in his office in Abuja, Nigeria’s capital.

According to Bagudu, “We can’t wait for budgetary funding to fund our priorities, but we can disrupt and generate the money to fund the priorities”

The Minister reiterated that the Ministry has the responsibility of coordinating foreign bilateral technical assistance in support of the nation’s development in addition to preparation of long, medium and short term development plans, in liaison with relevant institutions at both Federal and National levels, the private sector, Civil Society organizations and other stakeholders.

He noted that the Ministry operates on the provisions of the Nigerian Constitution which empowers it to promote or encourage the formation of associations and harness the resources of the nation and promote national prosperity and an efficient, dynamic and self-reliant economy.

Bagudu noted that investments to the tune of $100bn per annum should come from the capital market and the private sector to build the Nigerian economy taking a cue from the Brazilian and Indonesia countries.

The President Abuja Chamber of Commerce and Industry (ACCI) Chief Emeka Obegolu, (SAN), Phd earlier appreciated the Minister for driving economic development through strategic fiscal policies, resource allocation and national planning activities.

He acknowledged the Ministry’s support for the ACCI – investment Climate Reform (ICR) Facility workshop to foster sustainable business growth, and thus called for closer collaboration to help scale up the benefits.

Chief Obegolu (SAN), appealed to the Minister to create enough infrastructure in the Idu industrial district to encourage massive investments in the FCT since Idu has been earmarked as an industrial hub of the FCT. He then called on the Minister to look into the issue of multiple taxation of businesses as multiple taxation is a disincentive to businesses. He seized the opportunity to advocate for a strengthened Public Private Partnership (PPP) with a view to ensuring small scale businesses have access to credits, capacity building and skills development in addition to offering support for trade promotion and market access to drive sustainable economic growth.

He seized the opportunity of the courtesy call to invite the Minister to the 20th edition of the Abuja International Trade Fair and the 2nd edition of Farm Fatech Expo coming up between the 25th and 26th of September, 2025.

Olusola Akintonde