Abuja: 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, stated this during the inauguration of Makib Estilo, a new business outlet launched by the Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim.
According to News Agency of Nigeria, 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. She explained that Nigerians were gradually adapting to the new economic realities and beginning to appreciate their potential benefits. Abdullahi emphasized that the country is introducing concepts that are unfamiliar to many, but citizens are getting accustomed to them and recognizing their positive impact on the economy.
Abdullahi specifically urged opposition politicians to move beyond hearsay and interact directly with businesses and Nigerians to understand the reforms’ effects. She highlighted that the reforms had begun easing some difficulties previously faced by businesses, particularly enterprises dependent on imported goods, with developments in the foreign exchange market being a major factor contributing to renewed confidence among entrepreneurs.
The Renewed Hope Agenda, she noted, is one of the greatest initiatives from the Presidency for supporting entrepreneurs. She recalled the naira’s sharp depreciation had increased import costs, making business expansion difficult. However, with the introduction of economic reforms, the situation has improved significantly.
Makib Estilo, established by Fatima Abdullahi-Bono, began as Makib Apparels seven years ago and has since evolved into a diversified enterprise offering a wide range of products. The rebranding to Makib Estilo was intended to unify the expanding product lines and outlets under one identity.
Earlier, Minister Sulaiman-Ibrahim remarked on the rapid growth of businesses under the Tinubu administration, citing Federal Government support for micro, small, and medium enterprises through targeted intervention funds and single-digit loans. She also highlighted free business formalization initiatives designed to help entrepreneurs establish and expand their businesses.
Abdullahi-Bono acknowledged the improved foreign exchange conditions as a significant factor in Makib Estilo’s growth, noting that the business imports most of its products and is sensitive to dollar movements due to international supplier requirements. She expressed gratitude for the improved exchange rates, which have enhanced the company’s operational capabilities and customer satisfaction.
Abdullahi-Bono also shared plans for future expansion, including attracting investors and creating new business opportunities. She expressed ambition for Makib Estilo to expand beyond retailing and potentially go global, while commending women leaders in government for their support and encouragement.