One of the reforms of the Nigerian president to boost the economy aims to finance SMEs (80% of jobs) to reduce poverty.

The federal government of Nigeria will provide small and medium-sized enterprises (SMEs) with an amount of 50 billion naira (about $30.3 million) to support their activities. According to the local media News Digest, which relayed the information on Sunday, September 8, 2024, the initiative is part of the state's plans to stimulate economic growth and reduce the poverty. The funding will allow 1 million small businesses (called “NANO businesses”) to each receive 50,000 naira (approximately $30). The initiative is for businesses with at least three employees and a turnover of less than three million naira