Small and medium-sized enterprises (SMEs) across Nigeria are voicing concern over what they describe as the harsh impact of current economic policies, popularly dubbed “Tinubunomics.”
Operators say that while reforms introduced by the administration of President Bola Tinubu were intended to stabilize the economy, they have instead triggered escalating costs of production, dwindling profit margins, and increasing threats to business survival.
A cross-section of SME owners interviewed by reporters cited rising fuel prices, high electricity tariffs, multiple taxation, and the weakening naira as key challenges compounding the cost of doing business. Many noted that imported raw materials have become more expensive, while local demand has slowed due to reduced consumer purchasing power.
“Every day it gets harder to keep the business running. The cost of inputs has doubled, but customers cannot pay more. Many of us are just hanging on,” one manufacturer in Lagos said.
Trade associations and business groups have also raised alarm that without targeted relief measures, more small businesses could shut down, leading to job losses and reduced contributions to the economy. SMEs currently account for over 80 percent of employment in Nigeria and form the backbone of local production and services.
Economists acknowledge that recent policy moves — including fuel subsidy removal and foreign exchange unification — were necessary to address long-term structural imbalances. However, they argue that cushioning policies such as access to affordable credit, tax incentives, and infrastructure support must follow to ease the burden on smaller enterprises.
The Federal Government has pledged interventions through the Bank of Industry and other channels, but many SMEs say the measures have yet to reach them in meaningful ways.
As economic pressures mount, analysts warn that the success of “Tinubunomics” will be judged not only by macroeconomic stability but also by the survival and growth of the country’s small businesses.
