At the 2024 National MSME Conference in Abuja, President Bola Tinubu, represented by the Secretary to the Government of the Federation, Sen. George Akume, stressed that localising production processes and reducing costs are key to tackling hunger in Nigeria. He noted that economic challenges, including food insecurity, arise from over-reliance on imports and inefficient local production.
Tinubu explained that Nigerians face hunger because production processes haven’t been fully localised, and costs have not been effectively minimised. He acknowledged the importance of innovation and digitalisation in building a sustainable economy, warning against the dangers of creating an unsustainable system for future generations.
He said Nigeria is still grappling with the consequences of transitioning from a crude oil-based economy, which has led to significant debt. To address this, he called for empowering people to generate wealth and promote equal resource distribution.
Highlighting the role of MSMEs, Tinubu described them as drivers of rural industrialisation, poverty reduction, and sustainable development. He reaffirmed the government’s commitment to fostering an innovation-driven and sustainable economy and urged stakeholders to collaborate on strategies to boost local production capabilities.
Tinubu also underscored the importance of digitalisation and innovation in building a resilient economy, emphasizing their role in streamlining processes and enhancing productivity.