Send us a textProfessor Joseph Nnanna, Chief Economist at the Development Bank of Nigeria, provides a comprehensive analysis of Nigeria's economic landscape and innovative approaches to financing MSMEs for inclusive growth. He examines recent reforms including fuel subsidy removal and the impact of the Dangote Refinery while highlighting how financial institutions are creating targeted products for women and youth entrepreneurs.Nigeria experienced decreased growth rates and flattened GDP from 2015-2022 due to policy missteps and global economic shocksRecent reforms include fuel subsidy removal and domestic oil refining through Dangote Refinery, helping conserve foreign exchangeMSMEs contribute 48% of Nigeria's GDP and employ over 80% of the workforce but struggle with financing and regulatory challengesAccess to finance ranks as the top constraint for MSMEs, followed by inconsistent taxation and infrastructure deficitsYouth entrepreneurs create 70% of new businesses while female-led businesses grow faster than male-led enterprisesDevelopment Bank offers cash flow lending products that don't require collateral, particularly benefiting women and youthNigeria's payment systems enable real-time transfers between banks, more advanced than US banking infrastructureGovernment aims to train 3 million youth in the tech space to support various economic sectorsEducation and healthcare investments at state and local levels are crucial for long-term poverty reductionThree keys to inclusive growth: consistent messaging with actionable steps, policy consistency, and youth-focused developmentWatch on YouTube on: https://youtu.be/CHJlseTM3hM?si=YzK_RPOa0pESGTXp

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