Tinubu: Nigeria to establish 1,000 businesses in each ward to stimulate economy

President Bola Tinubu, on Friday, announced Nigeria’s plan to establish 1,000 active businesses in every ward across the country as part of a broader strategy to stimulate the local economy.

There are about 8,809 wards in Nigeria, according to the country’s election commission

Tinubu, who was represented by Vice-President Kashim Shettima, spoke at the G20 summit held in Johannesburg, South Africa.

He praised the group’s efforts in mobilising action towards inclusive and sustainable economic growth.

The president emphasised the need for reform in the current multilateral financial framework, which he described as inadequate in reflecting today’s global realities.

The Nigerian leader said the G20 must take bold steps to reform the international financial architecture and global institutions to create a more equitable system that can manage global financial flows, address recurring debt crises, and meet the needs of nations — especially those in the global south.

“We are committed to establishing 1,000 active businesses in each ward in Nigeria with a clear objective of stimulating our local economy through grassroots empowerment, skills acquisition, and job creation,” he said.

“Africa cannot realise the positive paradigm shift we seek in its development trajectory without a collective resolve from the G20.

“Nigeria has in recent times demonstrated its readiness for both foreign direct and portfolio investments. This progress is driven in part by the fiscal policies introduced by the present administration, all aimed at enhancing the ease of doing business in Nigeria.

“We commend the efforts of the World Trade Organization and its leadership for providing technical assistance to boost fair trade, including through the Women Exporters in the Digital Economy Fund launched in 2024.

“This initiative has provided grants and technical support to women entrepreneurs and strengthened their digital capabilities and access to global markets.”

Tinubu said there is an urgent need for sustainable financing to implement developmental priorities effectively.

He warned that rising debt burdens continue to constrain economic progress, turning local challenges into global vulnerabilities.

The politician asked the G20 to adopt policies that promote sustainable growth, financial inclusion, and risk management.

Tinubu highlighted the importance of supporting indigenous production, boosting exports from Africa, and increasing foreign direct investment (FDI) flows to the continent.

He noted the country’s readiness for both foreign direct and portfolio investments, attributing recent economic progress to fiscal policies aimed at improving the ease of doing business.