Abbas: For Decades, Our Economic Discourse Suffered From Overdose of Optimism, Underdose of Measurements 

Adedayo Akinwale in Abuja

The Speaker of the House of Representatives, Hon. Abbas Tajudeen, has said that for decades, Nigeria’s national economic discourse has suffered from an overdose of optimism and an underdose of measurement.

The Speaker disclosed this on Monday in Abuja during the Enterprise Nexus Summit themed: ‘Strengthening Local Enterprise Through Policy Support And Access.’

He said when they conceived the summit, the intention was not to add another event to the already crowded calendar of economic conferences, but to create a working platform where policy, ambition and opportunity meet in one room — and produce outcomes that can be measured in livelihoods, not communiqués.

Abbas noted: “Nigeria’s entrepreneurs have never lacked ideas. They have never lacked courage. What they have lacked, too often, is a system designed to match their energy. A system where access, information, capital and public policy move in the same direction.

“The truth is simple: potential does not translate into prosperity unless the environment is intentionally structured to support it. This summit is our attempt to close that gap — deliberately, structurally, and with strong institutional backing from the Office of the Speaker.”

The Speaker added that this is where the legislature must lead: by ensuring that the rules of the economy are coherent, modern and aligned with the realities of a population that is young, innovative and impatient for progress.

He stated: “For this reason, today’s conversations should centre on three practical shifts. First, we must shift from fragmentation to coordination. Too many support initiatives operate in isolation, each doing good work but rarely speaking to one another.

“Yet entrepreneurs do not live in silos — their challenges cut across finance, training, taxation, technology, logistics and market access. The Enterprise Nexus Summit brings all these actors into one space because coordination is no longer optional; it is the most cost-effective form of reform. When institutions align, impact multiplies.

“Second, we must shift from promise-driven support to data-driven impact. For decades, our national economic discourse has suffered from an overdose of optimism and an underdose of measurement.”

Abbas pointed out that The Enterprise Grant being introduced is a bold step, but it would be judged not by the size of the cheques, but by the number of viable businesses it helps stabilise and scale.

He noted that beneficiaries must not disappear after disbursement; they must be tracked, mentored, evaluated and linked to opportunities within larger value chains.

According to him, “If we do this right, a small grant today becomes a job-creating enterprise tomorrow and a tax-paying employer soon after.

“Third, we must shift from talent in pockets to capability at scale. As a former university lecturer, I know that knowledge becomes powerful only when it is transferred and applied.

“We cannot build a competitive economy on instincts and improvisation alone. Our goal is not to create a handful of star entrepreneurs; it is to raise a generation of businesses that can compete anywhere because their foundations are sound — in governance, financial literacy, production standards and digital competence.

“When capability becomes widespread, productivity becomes predictable. Let me also emphasise inclusion. A productive economy must work for those who have historically been left on the margins — women, youth, people living in underserved communities, artisans, and rural creators.

“If our enterprise agenda is not inclusive, then it is not strategic. A nation cannot rise on a narrow base; the base must be wide, diverse and empowered.”

Abbas emphasised that the responsibility for building a productive economy does not rest on government alone, but government must set the tone — through legislation that protects innovation, through oversight that encourages transparency, and through collaboration that respects the expertise of the private sector and development partners.

He recalled that the PriceWaterhouseCooper’s 2024 survey in Nigeria shows that SMSEs account for over 84 per cent of businesses and contribute about 48 per cent to the National Gross Domestic Product (GDP), and make up 96.8per cent of total number of registered businesses in Nigeria.

The speaker said sadly, half of these businesses fail within their first year of operation largely because of poor access to formal credit, poor infrastructure, poor access to technology, and poor management skills.

His words: “As we have noted, in order to address these identifiable challenges, policy support is important. Governments must enact, and implement reforms that incentivise financial institutions to lend to SMEs.

“However, policy support extends beyond access to credit. It encompasses regulatory environments that nurture rather than stifle growth.

“If our regulatory environment is burdened with complex licensing, high compliance costs and opaque tax systems, we would only be stopping the growth of SMEs.

“Policy must also address access to markets and bring down barriers that impede local enterprises entry into the global supply chain and other international opportunities.

“Trade policies that prioritise local content requirements are necessary to integrate SMEs into the global value chain, as proven by the success of the Nigeria Local Content Act in the oil sector which mandated a percentage of contracts for indigenous firms.”