The Presidency says President Bola Tinubu’s ongoing economic reforms are restoring confidence in Nigeria’s business environment and creating opportunities for entrepreneurs.
Dr Nafia Abdullahi, Technical Assistant on Regional Development Programmes in the Office of the Vice President, said this on Sunday in Abuja.
She spoke during the inauguration of Makib Estilo, a new business outlet inaugurated by the Minister of Women Affairs, Imaan Sulaiman-Ibrahim.
Abdullahi attributed the enterprise’s growth from a small shop into a diversified business to improving economic conditions under the Renewed Hope Agenda.
She challenged critics of the administration’s economic policies to engage businesses and ordinary Nigerians directly before concluding that reforms had worsened economic conditions.
The presidential aide urged opposition politicians to assess the reforms objectively, noting that economic changes could initially be difficult for citizens to absorb.
“Change is not easy. People don’t easily adapt to change. I don’t adapt to change easily myself,” she said.
Abdullahi said Nigerians were gradually adapting to the new economic realities and beginning to appreciate their potential benefits.
“What is happening now is that the country is introducing things to Nigeria that people are not very familiar with.
“But along the way, they are getting accustomed to them and seeing their importance and the positive impact they are having on the economy,” she said.
She specifically urged opposition politicians to move beyond hearsay and interact directly with businesses and Nigerians to understand the reforms’ effects.
“They should judge us with clean eyes. They should open their eyes, interact and come to us and ask questions instead of using hearsay.
“They should relate with us with an open mind. If they really do that, I think they will see how the economic reforms are affecting the country,” she said.
Abdullahi said the reforms had begun easing some difficulties previously faced by businesses, particularly enterprises dependent on imported goods.
She identified developments in the foreign exchange market as a major factor contributing to renewed confidence among entrepreneurs.
“The Renewed Hope Agenda, as we all know, coming from the Presidency, is one of the greatest things happening to Nigeria.
“This is one of the administrations that has done well for entrepreneurs,” she said.
She recalled that the naira’s sharp depreciation had increased import costs and made business expansion increasingly difficult for entrepreneurs.
“If you look at the dollar, as my sister mentioned earlier, before, the dollar was just going up rapidly.
“So, it was getting difficult for us to import and bring things into Nigeria. But after the economic reforms were introduced, everything started coming down.
“You can see that the business is stabilised,” she said.
Abdullahi said Makib Estilo, established by Fatima Abdullahi-Bono, began seven years ago as Makib Apparels before expanding into a diversified enterprise.
The business has evolved into a one-stop outlet offering interior products, kitchenware, fabrics and other household and lifestyle items.
She said the rebranding to Makib Estilo was intended to bring the expanding product lines and outlets under one identity.
“We are very happy with what she has become. This business started seven years ago. So, you can imagine starting from a small shop and seeing what we have today,” she said.
Earlier, Sulaiman-Ibrahim said businesses were witnessing rapid growth under the Tinubu administration.
She said the Federal Government was supporting micro, small and medium enterprises through targeted intervention funds and single-digit loans.
The minister also highlighted free business formalisation initiatives designed to help entrepreneurs establish and expand their businesses.
Abdullahi-Bono also credited improved foreign exchange conditions with the growth of Makib Estilo, saying the company imports most of its products.
She said the business remained sensitive to dollar movements because its international suppliers require payment in foreign currency.
“Before, we had been dealing with a higher dollar rate, but with the coming of the present administration everything is going down.
“The dollar rate is going down and our business is going very well now,” she said.
She expressed gratitude to God, customers, supporters and well-wishers, describing the outlet’s unveiling as an important milestone.
Abdullahi-Bono said the company now sourced its products at better exchange rates, improving its ability to operate and satisfy customers.
“For us to get the exchange rate before, we used to get it very high, but now we are getting our products at a much better rate,” she said.
The entrepreneur said Makib Estilo planned to expand beyond retailing by attracting investors and creating new business opportunities.
She said: “Our business is not just for selling. We have room for any person that wants to start business. We have business ideas.
“We have room for investors to come and start investing. In the next five years, I think we are going to be everywhere in this country. We are even looking at going global.”
Abdullahi-Bono also commended women leaders in government, particularly the Minister of Women Affairs, for their support and encouragement.
She said Sulaiman-Ibrahim welcomed her and provided useful advice in spite of having no previous relationship with her.
