The Presidency has said the ongoing economic reforms of President Bola Tinubu are gradually restoring confidence in Nigeria’s business environment and creating new opportunities for entrepreneurs.
Dr Nafia Abdullahi, Technical Assistant on Regional Development Programmes in the Office of the Vice President, stated this on Sunday in Abuja at the inauguration of Makib Estilo, a new business outlet inaugurated by the Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim.
Abdullahi said the growth of Makib Estilo from a small shop into a diversified enterprise was evidence of the opportunities emerging under the administration’s Renewed Hope Agenda.
She challenged critics of the administration’s economic policies to engage directly with businesses and ordinary Nigerians before concluding that the reforms had worsened economic conditions.
The presidential aide urged opposition politicians to objectively assess the impact of the reforms, acknowledging that economic changes could initially be difficult for citizens to adjust to.
“Change is not easy. People don’t easily adapt to change. I don’t adapt to change easily myself,” she said.
According to her, Nigerians were gradually adapting to the new economic realities and beginning to recognise the potential benefits of the reforms.
“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.
Abdullahi specifically called on opposition politicians to move beyond hearsay and interact with businesses and citizens to gain a better understanding of the reforms and their 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.
She said the reforms had begun to ease some of the challenges previously confronting businesses, particularly enterprises that depend heavily on imported goods.
According to her, developments in the foreign exchange market were among the factors 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.
Abdullahi recalled that the sharp depreciation of the naira had significantly increased import costs and made it increasingly difficult for businesses to expand.
“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.
She said Makib Estilo, founded by Fatima Abdullahi-Bono, started seven years ago as Makib Apparels before expanding into a diversified business.
The enterprise has since evolved into a one-stop outlet offering interior products, kitchenware, fabrics and other household and lifestyle products.
Abdullahi explained that the rebranding to Makib Estilo was aimed at bringing the company’s expanding product lines and outlets under a single 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 experiencing rapid growth under the Tinubu administration, citing government interventions targeted at micro, small and medium enterprises.
She said the Federal Government was supporting MSMEs through intervention funds and single-digit loans, while also implementing free business formalisation initiatives to help entrepreneurs establish and expand their businesses.
Abdullahi-Bono also attributed the growth of Makib Estilo to improved foreign exchange conditions, noting that the company imports most of its products and remains sensitive to fluctuations in the dollar exchange rate.
“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 appreciation to God, customers, supporters and well-wishers, describing the unveiling of the outlet as a significant milestone for the business.
Abdullahi-Bono said the company was now able to source its products at more favourable exchange rates, thereby improving its operations and capacity to meet customers’ demands.
“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.
Looking ahead, 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 had welcomed her and offered useful advice despite having no previous relationship with her.
