The future of Nigeria’s economy will be built not only in boardrooms, but also in markets, kitchens, and roadside businesses, argues CHALYA MARYAM SHAGAYA
Recent comments by the First Lady, Senator Oluremi Tinubu, highlighting businesses such as akara, roasted corn and kulikuli have generated considerable public discussion. While some interpreted the remarks as encouraging Nigerians to settle for “small businesses,” a broader perspective reveals a much deeper economic message. It is a message that aligns with the Renewed Hope Agenda’s emphasis on entrepreneurship, self reliance, and inclusive economic growth.
Across Nigeria, millions of micro enterprises operate within the informal economy. These businesses may appear small individually, but collectively they form one of the largest drivers of employment, household income, and local economic activity. An akara seller is not merely frying bean cakes. She is running an enterprise that purchases agricultural produce from farmers, buys cooking oil and fuel, pays for transportation, supports local markets, and often employs family members or assistants. The same is true for sellers of roasted corn, kulikuli, fruits, vegetables, and countless other everyday products.
Every naira earned is reinvested into communities, circulating through local economies and supporting multiple value chains. These enterprises provide affordable goods and services while sustaining millions of Nigerian families.
The Renewed Hope Agenda recognises that entrepreneurship exists at every level of society. Economic transformation cannot be achieved by focusing solely on large corporations or high growth technology startups. It must also empower the millions of Nigerians who wake up each day to create value through small businesses.
The real challenge is not that these enterprises are too small. It is that too many remain excluded from opportunities to grow. Many operate without access to finance, digital payment systems, business records, insurance, training, or larger markets. They remain economically productive but financially invisible.
This is where the digital economy becomes a powerful enabler. By connecting informal entrepreneurs to digital identities, digital payments, financial services, business development support, and market opportunities, government can help transform subsistence businesses into sustainable enterprises. A roadside akara seller who accepts digital payments begins to build a financial history. A roasted corn vendor with access to digital marketplaces can reach new customers. A kulikuli producer can expand beyond a neighbourhood market through branding, packaging, and electronic commerce.
These are not merely food businesses. They are enterprises with the potential to grow, create jobs, and contribute even more significantly to national prosperity.
The First Lady’s remarks therefore serve as a reminder that dignity of labour remains central to national development. Every legitimate business has value. Every entrepreneur deserves the opportunity to succeed. Economic progress begins not by dismissing humble enterprises, but by creating an environment where they can thrive, scale, and contribute more fully to the nation’s economy.
The future of Nigeria’s economy will be built not only in boardrooms and technology hubs, but also in markets, workshops, farms, kitchens, and roadside businesses across the country. When these entrepreneurs are equipped with the right tools, digital access, and institutional support, they become powerful contributors to inclusive growth.
Seen through this lens, the conversation is not about asking Nigerians to settle for less. It is about recognising the economic potential that already exists in millions of small businesses and ensuring that every entrepreneur, regardless of where they begin, has the opportunity to grow, prosper, and participate in Nigeria’s economic transformation under the Renewed Hope Agenda.
. Shagaya is Senior Special Assistant to the President on Entrepreneurship Development in Communications, Innovation and Digital Economy
