Opinion
Time To Develop Nigeria’s SMEs’
The United States Assistant Secretary of State for Economic and Business Affairs, Mr Charles Rivkin in Abuja recently urged Nigeria to focus on the development of its Small and Medium Enterprises (SMEs) sub-sector, stressing that “SMEs are the backbone of our economics.”
Mr Rivkin, who gave the charge at the first Nigeria-America Chamber of Commerce (NACC) and USA SMEs Financing Conference 2015 organised in collaboration with the Embassy of the U.S. Economic Affairs Section, Nigeria pledged the U.S. determination to support efforts to make Nigeria’s companies more competitive in the global economy.
This, he said, would be done by giving them affordable access to financing options.
In reality, the capacity of Nigeria as a nation to positively compete in the global economy and SMEs market depends on its ability to innovate and employ the relevant machinery to stimulate SMEs growth. Globally, economies ride on the back of SMEs as it contributes more than 50 per cent of economic growth of any average nation.
As major drivers of technology in most developed and industrial nations, SMEs play significant role in development as they encourage innovation, that is, invention of new things. Through SMEs, entrepreneurs convert opportunities to progress and replicate or duplicate existing concepts.
Nigeria as a nation seeking sources of revenue generation must recognise the power of SMEs and entrepreneurship in order to improve its Gross Domestic Product (GDP) which stands at 2.3 per cent today as against 6.7 per cent between 2014 and early this year. As a country that claims to be the Africa’s biggest economy, this is pitiable. Nigeria is a failure of the SMEs marketplace, which is a disorganised informal sub-sector.
The global standard is that the SMEs provide 90 per cent of employment for young people, but the reverse is the case in Nigeria. The nation’s economy is in distress because of lack of industries just as those willing to go into entrepreneurship ventures are not encouraged through affordable loans or financial support by the government. There is no way a country can grow without SMEs and this accounts for the reason governments find it difficult to pay workers’ salaries talk more of executing projects and providing infrastructure.
Federal and state governments are paying lip service to skills acquisition which will empower youths to go into micro-enterprises that may transform into sustainable venture capable of contributing to employment generation. If the nation is to move forward and the marketplace respond to the needs of the economy, the government must focus on the SMEs and ensure an enduring, productive and more profitable sector.
Government at all levels must pay attention to SMEs and encourage them to establish industries and invest in agriculture. Our economy should not be measured by what we see in other countries, but by what we do and have. There is need to encourage Nigerians to make breakthroughs in entrepreneurship.
Lack of trust on the part of few existing SMEs has been identified as one of the factors impeding their growth. They are denied loans by banks due to the lack of trust to repay. Yet they cannot access government financial support as most of them may not utilise the facility for the purpose it was taken.
Government is known for making bogus promises of providing funds for SMEs and partnering with them on the pages of newspapers, on television and radio, but does not fulfill such promises. There must be sincerity and honesty in all the facets of our lives if Nigeria must realise its dream. Managers of Nigeria’s economy must learn to use the original and home grown methodologies to solve complex problems peculiar to businesses, arms of governments and the individuals.
There are numerous areas of business that government can support people to invest in which include pharmaceutical, medical, manufacturing, agriculture, food production, telecommunications, construction, oil servicing, among others. Those Nigerians who have made it should invest in the country and not going abroad as well as empower individuals in their pursuit of identifying, maximizing and utilizing their God-given potentials.
It is high time we began to maximise the efficiency and productivity of our competent and experienced hands to get what we need in this country. This can only be achieved when we adhere to strict principles and possess the political will to implement policies with commitment.
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Restoring Order, Delivering Good Governance
The political atmosphere in Rivers State has been anything but calm in 2025. Yet, a rare moment of unity was witnessed on Saturday, June 28, when Governor Siminalayi Fubara and Minister of the Federal Capital Territory, Chief Nyesom Wike, appeared side by side at the funeral of Elder Temple Omezurike Onuoha, Wike’s late uncle. What could have passed for a routine condolence visit evolved into a significant political statement—a symbolic show of reconciliation in a state bruised by deep political strife.
The funeral, attended by dignitaries from across the nation, was more than a moment of shared grief. It became the public reflection of a private peace accord reached earlier at the Presidential Villa in Abuja. There, President Bola Ahmed Tinubu brought together Governor Fubara, Minister Wike, the suspended Speaker of the Rivers State House of Assembly, Martin Amaewhule, and other lawmakers to chart a new path forward.
For Rivers people, that truce is a beacon of hope. But they are not content with photo opportunities and promises. What they demand now is the immediate lifting of the state of emergency declared in March 2025, and the unconditional reinstatement of Governor Fubara, Deputy Governor Dr. Ngozi Odu, and all suspended lawmakers. They insist on the restoration of their democratic mandate.
President Tinubu’s decision to suspend the entire structure of Rivers State’s elected leadership and appoint a sole administrator was a drastic response to a deepening political crisis. While it may have prevented a complete breakdown in governance, it also robbed the people of their voice. That silence must now end.
The administrator, retired naval chief Ibok-Ette Ibas, has managed a caretaker role. But Rivers State cannot thrive under unelected stewardship. Democracy must return—not partially, not symbolically, but fully. President Tinubu has to ensure that the people’s will, expressed through the ballot, is restored in word and deed.
Governor Fubara, who will complete his six-month suspension by September, was elected to serve the people of Rivers, not to be sidelined by political intrigues. His return should not be ceremonial. It should come with the full powers and authority vested in him by the constitution and the mandate of Rivers citizens.
The people’s frustration is understandable. At the heart of the political crisis was a power tussle between loyalists of Fubara and those of Wike. Institutions, particularly the State House of Assembly, became battlegrounds. Attempts were made to impeach Fubara. The situation deteriorated into a full-blown crisis, and governance was nearly brought to its knees.
But the tide must now turn. With the Senate’s approval of a record ?1.485 trillion budget for Rivers State for 2025, a new opportunity has emerged. This budget is not just a fiscal document—it is a blueprint for transformation, allocating ?1.077 trillion for capital projects alone. Yet, without the governor’s reinstatement, its execution remains in doubt.
It is Governor Fubara, and only him, who possesses the people’s mandate to execute this ambitious budget. It is time for him to return to duty with vigor, responsibility, and a renewed sense of urgency. The people expect delivery—on roads, hospitals, schools, and job creation.
Rivers civil servants, recovering from neglect and under appreciation, should also continue to be a top priority. Fubara should continue to ensure timely payment of salaries, address pension issues, and create a more effective, motivated public workforce. This is how governance becomes real in people’s lives.
The “Rivers First” mantra with which Fubara campaigned is now being tested. That slogan should become policy. It must inform every appointment, every contract, every budget decision, and every reform. It must reflect the needs and aspirations of the ordinary Rivers person—not political patrons or vested interests.
Beyond infrastructure and administration, political healing is essential. Governor Fubara and Minister Wike must go beyond temporary peace. They should actively unite their camps and followers to form one strong political family. The future of Rivers cannot be built on division.
Political appointments, both at the Federal and State levels, must reflect a spirit of fairness, tolerance, and inclusivity. The days of political vendettas and exclusive lists must end. Every ethnic group, every gender, and every generation must feel included in the new Rivers project.
Rivers is too diverse to be governed by one faction. Lasting peace can only be built on concessions, maturity, and equity. The people are watching to see if the peace deal will lead to deeper understanding or simply paper over cracks in an already fragile political arrangement.
Wike, now a national figure as Minister of the FCT, has a responsibility to rise above the local fray and support the development of Rivers State. His influence should bring federal attention and investment to the state, not political interference or division.
Likewise, Fubara should lead with restraint, humility, and a focus on service delivery. His return should not be marked by revenge or political purges but by inclusive leadership that welcomes even former adversaries into the process of rebuilding the state.
“The people are no longer interested in power struggles. They want light in their streets, drugs in their hospitals, teachers in their classrooms, and jobs for their children. The politics of ego and entitlement have to give way to governance with purpose.
The appearance of both leaders at the funeral was a glimpse of what unity could look like. That moment should now evolve into a movement-one that prioritizes Rivers State over every personal ambition. Let it be the beginning of true reconciliation and progress.
As September draws near, the Federal government should act decisively to end the state of emergency and reinstate all suspended officials. Rivers State must return to constitutional order and normal democratic processes. This is the minimum requirement of good governance.
The crisis in Rivers has dragged on for too long. The truce is a step forward, but much more is needed. Reinstating Governor Fubara, implementing the ?1.485 trillion budget, and uniting political factions are now the urgent tasks ahead. Rivers people have suffered enough. It is time to restore leadership, rebuild trust, and finally put Rivers first.
By: Amieyeofori Ibim
Amieyeofori Ibim is former Editor of The Tide Newspapers, political analyst and public affairs commentator
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