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By Gloria Ikibah

Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, has said that deliberate policy interventions and institutional coordination are critical for the success of any economy.

Speaker Abbas who stated this during the Enterprise Nexus Summit, held on Monday in Abuja, with the theme “Strengthening Local Enterprise Through Policy Support and Access”.

He said Nigeria’s journey toward a trillion-dollar economy is dependent on the growth and empowerment of small and medium-sized enterprises (SMEs).

The speaker who was represented by Deputy Speaker, Rt. Hon. Benjamin Kalu, said the summit was designed as a working platform where policy, ambition and opportunity meet in one room to produce outcomes measurable in livelihoods.

He lamented that despite Nigeria’s entrepreneurial potential, structural gaps in access to finance, infrastructure, technology, and supportive policies have hindered SMEs from reaching their full potential.

According to him, Nigeria’s entrepreneurs have never lacked ideas or courage, but lacked a system designed to match their energy.

The speaker said: “Renewed Hope Agenda aims to propel Nigeria into a trillion dollar economy in the next five years through the facility of small and medium scale enterprises. Global economic reports already show that small and medium-sized enterprises (SMEs) account for over 90 per cent of businesses worldwide, contributing nearly 70 per cent of employment in many developing economies.

“The PriceWaterhouseCooper’s 2024 survey in Nigeria shows that SMSEs account for over 84 per cent of businesses and contribute about 48 per cent to the National Gross Domestic Product (GDP), and make up 96.8 per cent of total number of registered businesses in Nigeria.

“Sadly, whole half of these businesses fail within their first year of operation largely because of poor access to formal credit, poor infrastructure, poor access to technology, and poor management skills.

“As we have noted, in order to address these identifiable challenges, policy support is important. Governments must enact, and implement, reforms that incentivise financial institutions to lend to SMEs. However, policy support extends beyond access to credit. It encompasses regulatory environments that nurture rather than stifle growth. If our regulatory environment is burdened with complex licensing, high compliance costs, and opaque tax systems, we would only be stopping the growth of SMEs.”

He also urged that policies must be inclusive, to empower women, youth, rural artisans, and underserved communities.

Speaker Abbas outlined legislative measures currently underway to strengthen SMEs.

These, according to him, include the Innovation and Entrepreneurship Support Bill, 2025, which proposes a national framework for innovation hubs, tax incentives for tech startups, and private sector mentorship partnerships.

He said concurrently, the Senate’s amendment to the Nigerian Export-Import Bank Act (NEXIM), 1991, seeks to unlock $1 billion in trade opportunities for small-scale exporters, particularly in agriculture and manufacturing.

Other reforms, according to Abbas include the Factoring and Invoice Discounting Bill, designed to convert SME receivables into immediate working capital, and the Nigeria Tax Act 2025, which provides zero percent Companies Income Tax for small businesses with annual turnover under N100 million.

He noted the link between economic empowerment and youth development, and said that providing young Nigerians with viable economic opportunities, will reduce vulnerability to drug abuse, aligning with the National Drug Law Enforcement Agency (NDLEA) initiatives.

“Economic empowerment is a powerful tool for drug-use prevention. When young people are engaged in meaningful work, the possibility and incentive to experiment with substances reduces dramatically,” he said.

Chairman of the National Drug Law Enforcement Agency (NDLEA), Brig. Gen. Mohammed Buba Marwa, (Rtd), explained that there is a strong link between youth empowerment and drug abuse prevention.

Marwa, who was represented by the Director of Prevention and Sensitisation, Assistant Commander General of Narcotics, Dankolo Mohammed, said that while Nigerian youths possess enormous creativity and potential, many face structural barriers that hinder their journey to sustainable livelihoods.

According to him, these challenges are compounded by rising threats of drug and substance abuse, which undermine both individual prospects and the broader future of the country.

Citing the 2018 UNODC National Drug Use Survey, he noted that about 14.3 million Nigerians aged 15 to 64, approximately 14.4 percent, had used psychoactive substances in the preceding year.

He warned that the prevalence rate, nearly triple the global average, is concentrated among those aged 18 to 35, the nation’s most economically active population comprising entrepreneurs, innovators, and future leaders.

He explained that young people who use drugs face barriers to treatment and rehabilitation, including stigma, inadequate support systems, and limited access to services.

He saif that while the NDLEA strengthened supply reduction efforts, tackling demand is equally crucial.

He pledged continued collaboration with the National Assembly and partners to strengthen youth-friendly entrepreneurship programs, expand access to drug education, support community-based rehabilitation, and incentivize private sector participation in youth employment.