Fuel Subsidy Gone, Naira Devalued: Is Tinubu's Economic Policy Working? | Hard Copy

Added: 2026-06-01

[00:00:03]Hello and welcome to Hot Copy from our channels television [music] studios in Abuja. I'm Kayla Megwa. As elections draw nearer, President Bola Ahmed Tinubu has the arduous task of convincing the Nigerian people that he has done well in the past 4 years >> [music] >> and will do even better in the next 4 years if they give him the mandate to serve again.

[00:00:23]One section of our polity [music] that may have a hard time believing him is the business community, particularly micro, small, and medium-sized [music] enterprises, MSMEs.

[00:00:32]MSMEs in Nigeria are the backbone of our economy, accounting for over 96% of businesses [music] and contributing nearly half of the national GDP. Nigeria's MSMEs have an estimated financing [music] gap of 32.2 billion dollars, that's about 13 trillion naira, limiting their ability to expand, [music] purchase equipment, or manage working capital.

[00:00:55]Other challenges include limited infrastructure, regulatory hurdles, and reliance on informal funding sources.

[00:01:04]Then there's poor power supply causing a reliance on petrol or diesel, which takes up most of the money they make, and insecurity, which pushes businesses to cluster in urban cities, [music] reducing their ability to meet local challenges. And then there's just general uncertainty in that space.

[00:01:21]Between 2023 [music] and 2024, approximately 7.2 million businesses have shut down here.

[00:01:27]A significant number given the country's estimated 24 million micro, small, and medium-sized enterprises.

[00:01:33]The NE ASG report highlights that 30% of Nigeria's 24 million MSMEs have ceased operations during this period, and this underscores the country's economic vulnerability. While the establishment of the 200 billion naira intervention fund aimed at supporting MSMEs and manufacturers has been a significant step towards enhancing competitiveness and addressing structural challenges, the removal of fuel subsidies and the devaluation of the naira have led to increased inflation and economic challenges. But the Tinubu economic machine says they are cooking. Do we believe them? This is what he has to say. Special advisor to the president on MSMEs and job creation, [music] Tola Adekole Johnson, joins us tonight on Hard Copy.

[00:02:22]>> [music] >> Mr. Johnson, welcome to Hard Copy.

[00:02:27]>> Thank you for having me.

[00:02:29]>> Let's start with the figures.

[00:02:30]>> Mhm.

[00:02:32]>> The number of businesses that have shut down >> Mhm.

[00:02:35]>> since the economic policies of President Bola Ahmed Tinubu, do you have those figures personally?

[00:02:40]And and and do you agree with the NESG that there are a lot of jobs shutting down and leaving the country as a result of these economic policies of the president?

[00:02:50]>> [snorts] >> Yeah, um >> [clears throat] >> what the NESG has done is to look into um businesses that have um physical physical um structures on ground.

[00:03:07]How many of them are shutting down? How many of them are no longer running businesses um physically like have like a business at um address, you know, and the fact that I do not have a business address now or the fact that I do not have say for instance meet me at um number two Kumasi Street, we'll say two, that's where you know, does not mean that I have not migrated online to continue my business. It might be See, with the if you realize that um as a result of COVID-19, a lot of businesses all over the world all over the found smarter and cheaper ways to run their businesses. Whilst not disputing um what NESG uh has said in total, but I'm just saying that it can it is not that you have 12 million businesses that have suddenly just stopped running their businesses.

[00:03:57]>> It's possible that they've migrated online.

[00:03:59]>> So, we have seen evidence of businesses we know we we are in touch we are we are in touch with SMEs that we know their physical places of um operations and we reach out to them they're no longer in those places, but we see them still operating very they are still operating online. They've migrated, you know, maybe they've seen that they might have to downsize. Home delivery, you know, the cost of um rent might have gone up and they've seen that, you know what? I can operate this business without having a physical >> Using data is a little cheaper than building structures and paying workers.

[00:04:33]>> And with time as things pick up, I go back to having a physical. So, some people have decided to to to take those decisions, you know, and it still does not run away from the fact that a lot has to be done.

[00:04:46]But, I must also quickly tell you that a lot is being done.

[00:04:51]>> So, let's talk about this economy cuz the economic team of President Bola Ahmed Tinubu is is a big machinery of which you are part of. You are focused really on micro, small, and medium enterprises.

[00:05:02]What's the what's in what direction is this economic team moving? What's the plan? What's the end game of the Tinubu economic machinery?

[00:05:13]>> Okay.

[00:05:15]So, with regards to small businesses because you must understand that there is no time that the president has not reiterated that small businesses are a key part or aspect of his of his um administration. Whatever it is that the president wants to achieve within 4 years in initial 4 years in the next 4 years, SMEs are a key priority. And and you can see what the DGs um PEBEC is doing running around from pillar to post across the country ensuring that we are laying a good she's ensuring that whatever it is that was the foundation that was laid by the current Minister of Trade Dr. Jumoke Oduwole, she wants to build on it.

[00:05:59]Gone are the days where you see small running businesses in Nigeria or anywhere in the world goes beyond just funding.

[00:06:06]There there were hiccups or there had hiccups hiccups such as not being able to register a business within a few hours.

[00:06:14]That is a thing of the past now.

[00:06:16]With CAC, you can now register your business seamlessly.

[00:06:20]Basically, you with with the likes of Naxim and NPC, they they they unhold you to get help you get a market to export your product outside the country. So, as a small business owner who is like a who is who is new and you do not have access to the data of those that you can export to, when you go to any of those agencies, they not just um show you the way, they help you end-to-end to ensure that number one, you are properly treated. Basically, and between 2023 and this 2026, the Bank of Industry, especially last year, the Bank of Industry alone disbursed well over close to 600 billion to small businesses MSMEs at single digits of 9% with return for a year and in some cases 5 years.

[00:07:18]The the Development Bank of Nigeria DBN, hear this, they disbursed 1.1 trillion between that 2023 through through this time.

[00:07:30]1.1 trillion.

[00:07:31]In the 1.1 trillion, women women um women owned businesses got about 293 billion.

[00:07:41]Youth owned businesses about 135 billion.

[00:07:45]Whilst the general public like male owned businesses got about um um um close to about 700 something billion.

[00:07:53]Cumulatively, that's that's led to about um led to the youth um so that led to about almost 1.3 um million businesses that it disbursed to within 2023 and 2026.

[00:08:11]The Bank of Industry only of recent, about two two weeks ago, got an approval from um of an additional 200 billion dollar um 200 million dollars from the AfDB. So that again is going to go into the push for for um um for small um to support small businesses. So a lot is being done.

[00:08:32]A lot is being done to ensure that SMEs have this access to funding. Now we can speak and speculate about the the the the the rates, you know, not like the rates we have in Libya like Seychelles and the rest of the other African countries. We can't speak about that. But in that regard, don't forget we we introduced something called the the risking fund with state governments.

[00:08:56]And I'll show you a lot of the state governments are involved now.

[00:09:00]They partner with the likes of the Bank of Industry. They partner with the likes of um with the likes of um commercial banks who are our partners in the MSME clinics. So it it brings a certain a state guarantees a certain fund from the state. The partner, the commercial bank partner um meets the state halfway.

[00:09:20]Like what Lagos did. Lagos brought 10 billion. A commercial bank brought 10 billion. Now that money will be disbursed to SMEs in Lagos at no more than 9%.

[00:09:30]That's So because we have said to the states that um whilst the federal government is doing what it can do to support the space, it is very important and pertinent for the states to also um not drop the ball.

[00:09:47]So, a lot of state governors, you see given by the end of this year this will become one of the biggest thing across the different states. A lot of state governors are now in partnership with commercial banks and with the DFIDs, they um like the likes of the Bank of Industry and others >> [snorts] >> to to so to to to to have partner to have um partner funds you know, partner funds so that you can reduce um you can reduce um the the hardship of small business owners in their states.

[00:10:22]You know, I've seen state that have done initial 2 billion and they had waited about 6 months to see how they No, 3 billion to see how the program was going and have committed further. Like a state like Katsina they they they did it. I know that um the Ogun state governor the the Imo state governor and a few other governors. A lot of the governors are having such discussions and they they they they they they know of the urgency. They know that it is very important and very urgent to um expedite these actions and ensure that small businesses would because these small businesses they operate in Nigeria that's looking at it from the larger point of view. But they are they are domiciled in states. So, it's very important for the state governments to to be involved and they are involved.

[00:11:10]>> I want to ask you honestly do you think that MSMEs are thriving under the Tinubu administration?

[00:11:20]>> Yes, I think so.

[00:11:22]And um I think so because I'm not just an aid that sits in the office and come to Channels or any TV station and grant an interview and go back to the office. I'm on the field a lot.

[00:11:37]>> You've always been a field guy.

[00:11:38]>> I'm on the field a lot and then I'm on the field not in some section of the country. I'm on the field when it comes to SMEs across the entire country.

[00:11:47]Feel the pulse of what's going on. You know, we have a secretary that people call and let us know this is what is going on in our in our states. These are the areas where we need help. Can you people help us and speak to our governor things like that. So, why I say that why I say that yes is that um I know we have tried under this government to make the access to funding easier for the small businesses. I assure you I'm constantly we as a government are constantly on the necks of the likes of Bank of Industry. On the necks of NEXIM Bank, DBN.

[00:12:25]Those that we can listen, push out these funds as they come in. You know, some of them go out to go and source for their funding. But we try to ensure that those fundings that you have gone to go and source for from any part of the world for small businesses go to those small businesses and as quickly as possible. But don't forget that business and business environment is a two-way street.

[00:12:44]I play my part as the bus as um as the business um regulator.

[00:12:51]The SMEs too must play their part.

[00:12:53]You know, as an SME you must understand that for you to collect a 150 million naira facility from a bank. Be it a commercial bank, be it a government DFI, your business probably have been um valued at maybe close to 450 million. Because it's simple mathematics, you know.

[00:13:14]>> How many businesses have that kind of money?

[00:13:16]>> Yeah.

[00:13:17]But you are going to scale on your own level. If you want to collect if your business is worth 10 million naira.

[00:13:24]There's nothing wrong in starting small.

[00:13:25]I started from the rock bottom.

[00:13:27]You know, but and with diligence and being very um with diligence and steadfastness, you can grow. So, I know businesses I tell you and I don't know if it's on this station or what station.

[00:13:38]I know businesses that in 2015, 2016, we helped facilitate loans of 2 million naira.

[00:13:50]These same businesses last year, 2025, were asking for facilities of close to a billion.

[00:13:57]That's growth.

[00:13:58]That's being diligent That's That's That's being diligent at what you're doing. That's growth. No other definition for me. That's absolute growth.

[00:14:07]You In that, I've seen businesses that know exactly what they are chasing and they are focused. You see, things will happen. All over the world, things will happen. Things will happen that will obstruct whatever it is that you're doing, but you must be focused on what you're doing. You As a business owner, you cannot spend your profits and your loss and you think that because you you Do you know there are a lot of businesses that don't even know what is profit, what is loss? Money comes in, bam, you spend.

[00:14:34]>> We have to go on a short break. When we come back, Nigeria's business environment, job creation, and how you started will be our focus. So, please stay with us on Hard Copy. We'll be right back.

[00:14:50]Welcome back to Hard Copy. If you're just joining us, Mr. Tola Johnson, special adviser to President Bola Ahmed Tinubu on MSME and job creation joins us tonight and uh we're talking about the economy and why the Nigerian people should believe that the economic machinery of President Bola Ahmed Tinubu is working. Thanks again for being with us on the program.

[00:15:10]The president has gotten the ticket of of the All Progressives Congress, so he's on the ballot.

[00:15:14]>> Expectedly so.

[00:15:15]>> [laughter] >> Expectedly so and this is an opportunity to congratulate um Mr. President, my boss. Um I mean, we expected it. Any other thing would have been a shocker. So, I mean that if President got the the the ticket to me is not breaking news. Well, the breaking news would have been if defeated the President.

[00:15:35]>> That would have been really breaking news.

[00:15:36]>> It would still be breaking even as we are speaking.

[00:15:38]>> Exactly.

[00:15:39]>> We would be examining all the ways that happened.

[00:15:42]In any case, he has to contend with the Nigerian people who have very loudly said that our quality of life has diminished and businesses are crumbling. Many businesses are crying out.

[00:15:55]You know, when we hear the figures from the economic machinery of the President, they keep talking about reduced inflation. They keep talking about money is being disbursed. You have so many testimonies. I I I we can't we won't have enough time to talk about all the people who have benefited. In fact, I think there's someone that you even gave that you facilitated some kind of loan for a person in the House of Reps right now.

[00:16:14]So, there are so many people and like I said earlier, you've been doing this for a very long time since the Buhari administration.

[00:16:20]Working with with our present Minister of Industry, Trade, and Investment.

[00:16:24]>> Exactly.

[00:16:25]>> At the time, I think she was DG PEBEC.

[00:16:26]>> No, she was special adviser.

[00:16:29]PEBEC. She started as an SSG promoted to special adviser.

[00:16:34]>> Cuz I remember then it was it was madam how to make business better in Nigeria.

[00:16:38]That was the that was the entire conversation. But you see, when we hear the figures from the economic team, it doesn't correlate with the Nigerian people.

[00:16:47]The Nigerian people still feel like food is very expensive. They they are looking at while you are calling out inflation figures, all that they know is that something that was 100 naira moved to 150, now it's 200. It's almost like every week the price of food goes up.

[00:17:03]Price of basic things, rent is unbelievable especially here in the in the FCT.

[00:17:10]So, in what ways can the people of Nigeria look at the economic team of President Bola Ahmed Tinubu and trust that we can give you another 4 years. Are things going to continue to increase like this for another 4 years? What are you doing to make sure that I am not a victim of your policies?

[00:17:28]>> You and I sitting here because we understand um the inflation.

[00:17:33]And then we will understand how things increase. Now, when you buy a um a loaf of bread say 500 naira today and you go back next week and it's 600 naira. It has increased. So, that's straight up inflation. Now, if we if a government um official comes to tell you that so inflation is reducing what the average Nigerian expects is that it goes back >> And price will drop.

[00:18:00]>> No, to 500, right? So, but what will happen is that instead of going back to go and get that thing from 600 if instead of it to have increased to like 650 or 700, you probably meet it as maybe 620.

[00:18:13]Do you understand? So, it is it is do the rate of it is how quickly it increases, the tempo.

[00:18:22]Has it reduced or not? Even from the tax the new tax laws that has been established.

[00:18:28]The new tax law favors the small business a lot. Now, as a business owner you know what you are paying.

[00:18:34]In the past you just somebody would just generate something and tell you that this is what you are paying.

[00:18:39]And when you fall into a certain bracket you know that you will not pay a certain tax. So, do you know all these things that have been put in place is we've had we've had you know, the rot in the system has been has it it it it it's not been it didn't start today.

[00:19:04]The rot in the system it's been for years.

[00:19:08]So, we should even comment I comment the president for for his boldness.

[00:19:14]Because don't forget that it takes a man who is bold to to actually make some of these reforms.

[00:19:21]And still be able to get the ticket to go for a his um second tenure. That aside, I know that now DUI have even sorted out different loans for women owners, women and business owners. Same as same as same as even the likes of Wema Bank who are our partners. You see even the commercial banks are working with us on this. The likes of Wema Bank, the likes of um Access Bank. They now give out funding to women businesses and at reduced reduced rates.

[00:19:57]Once you are able to prove and meet certain criteria, certain very easy criteria, you have your your your facility. Things are where they ought to be.

[00:20:06]>> They're not where they ought to >> Yes, things are where they ought to be.

[00:20:09]I won't even pretend about that. Because if Mr. President does not pretend about that, then I'm I'm an aid. I can't be pretending about that. Things are not where they ought to be. But are we moving towards shaping things towards the where they should be? Yes.

[00:20:25]I'll say yes because I know I'm very committed to this space.

[00:20:29]You know we have this normal annual MSME awards.

[00:20:32]>> Yes.

[00:20:34]>> This year if you know the number of people that have put in for the awards, the number of applicants, it's mind-boggling.

[00:20:44]So, it's means that they're they're trusting something.

[00:20:48]Is it that they just have Is it that they just have faith?

[00:20:51]Or they seem to say, "You know what? The body language of Mr. President and his team, let's give them a chance."

[00:20:58]Because you can put out you It's like theater. You you you act a movie.

[00:21:03]You need an audience. If without an audience, you go on the stage, you're dancing by yourself. You're a madman.

[00:21:10]You're seen as a mad person. So, I think there's there's a certain level of trust.

[00:21:18]Because people can relate with me.

[00:21:21]I was a business owner. I was a micro small business owner. I said, "Okay, how do we now create jobs along clusters >> Oh, yeah.

[00:21:29]>> for SMEs." We have We have commissioned 18.

[00:21:32]They are like three, four waiting for commissioning. And you know what I mean?

[00:21:36]Do the maths. Because for every place we say we have commissioned, we have the facilities so people can go and fact check us.

[00:21:43]Those job Those facilities have led to at least 600,000 635,000 jobs created across the country.

[00:21:50]They've been created in Imo State, Ogun State. Do you know what I mean?

[00:21:54]We've created We We We We We established something called a mechanic city. It's the first of its kind in this country. A mechanic city is massive. We'll take you to one of the states that it was established.

[00:22:08]In 2023, we went to Ogun State.

[00:22:12]We furnished a whole Adire market.

[00:22:15]Our partners see that. A whole Adire market.

[00:22:18]And the president said, "You know what I mean? Let these guys have this market for free for 1 year." The next year the governor, on his own, too, decided that they should um they were going to pay for them.

[00:22:29]It's You see where we're delving into spaces that people would just leave.

[00:22:33]After all, there's no budget for it. You know what? We'll wait that they um until there's budget. No.

[00:22:39]We We We We are seeing a problem. And if the if there's a natural way of solving that problem and it's not available to us, we'll look for another way of solving that problem. My story is very simple. I was a business owner in Lagos.

[00:22:55]You know, I mean business owner in Lagos. From Lagos State, um it's a Fashola government here. Oh, when I used to grow up, I used to see my I used to go with my grandfather who was a who he was the head of um meat sellers in the Itafaji. And I used to go there to go and sit with him. Sometimes I'll follow him to go and see see him cutting his meat and all these things. So, my belly runs stuff.

[00:23:17]And I think at from that age, because I used to see my grandfather count money.

[00:23:21]He used to count money a lot. I used to count a lot of money to the house. So, I just said to myself that when I grow up me I'll be a business owner. I didn't know if I wanted to be a meat butcher. I wanted to I wanted to meet I wanted to be counting [laughter] money.

[00:23:35]And I mean, fast forward to many years later, started running my own small small business. I was At first, I started with a shawarma stand. But I realized that shawarma was all over the place, so if I set up shawarma here, there are like 10 of us.

[00:23:48]And in business, when you have that, it is so Do you understand what I'm saying?

[00:23:52]So, everybody is selling shawarma. So, I now decided that, you know what? Eh, there are clubs.

[00:23:57]There are churches.

[00:23:59]There are mosques. I would decide to go and meet all the leaders there. And just sign like an unofficial MOU.

[00:24:06]I'll come and do my shawarma on your busy days.

[00:24:09]And I'll give your leaders some free.

[00:24:11]Just allow me to So, I I set up a template where every Sunday I was making money. Every Friday I was making money.

[00:24:18]You know, so basically speaking, that's where it got to know and that's where I started doing things. And because I'm son of a retired um military man, my father's um my father knew um President Buhari. So, when they wanted to contest, somehow we got in touch and somehow I started working I worked for them unofficially and introduced me to the Vice President um Vice President Osinbajo. And the rest is history.

[00:24:41]You know, the rest is history. So, um um I I I and I I benefited from the system.

[00:24:48]I collected facilities from even the um even when the one of the facility that was set up by um the federal government, I was one of the beneficiaries.

[00:24:57]I was supposed to pay in 5 years. I paid in 3 years 2 months.

[00:25:02]So, basically speaking, once you're a focused person, you know, whilst the country and the nation, um we we cannot pretend that the business environment is at 100% where it should be. It is not.

[00:25:15]But, are we committed to getting it closer to that place? Yes, we are. We began a journey 2020 it 20 in 2023 about 3 years ago.

[00:25:25]And for the real business owners, I believe you have seen some significant impacts, basically.

[00:25:32]We are We are on track to not just um improve those impacts, but also bring on board certain things. We want to ensure from 2027 that access to funding at single digit becomes a norm.

[00:25:47]It's not just something we talk about across different states that you can hold the government to.

[00:25:53]That is one of our major priorities for next year. And only um a few months ago, Mr. President um approved another 100 billion naira for um to stimulate the economy that will be going to the Bank of Industry.

[00:26:05]So, the man is genuinely concerned about businesses.

[00:26:08]And we just we just And just to let you know that um we're going to uphold you with your business and ensure that you you survive in whatever it is that your business that you're doing.

[00:26:19]And that's just the part we can And that's the commitment we will make because I'm coming from the business space as well. Not I'm coming from the nano business space. Nano to micro um to MSMEs, then to SME, basically. And with the grace to be here speaking to you as an advisor to the president or two different presidents.

[00:26:39]I know.

[00:26:40]>> After, thank you so much, Mr. Olawale Johnson, for being with us on Hard Copy.

[00:26:44]I know there's some award coming up soon. What date is it?

[00:26:47]>> It's June 27th. The MSME award is the reward MSME day as declared by the United Nations. June 27th.

[00:26:54]>> At the banquet.

[00:26:54]>> So, are people still registering or is it closed?

[00:26:56]>> The The registration is closed, but people are getting The The categories this year were given funding, grants, money.

[00:27:03]>> [laughter] >> I would implore you to come.

[00:27:05]>> All right.

[00:27:07]All right. So, June 27th.

[00:27:08]>> Yes.

[00:27:09]>> The MSME Awards. We'll watch and see how that works out.

[00:27:11]>> Thank you.

[00:27:12]>> But, thank you very much, Mr. Tola Johnson, for being with us on Hard Copy.

[00:27:15]And good luck with all the work I know you have ahead of you.

[00:27:18]>> Thank you very much. Appreciate you.

[00:27:20]>> [snorts] >> That's Hard Copy this week. I'm Kayla Megwa. Goodnight.