Presidential aspirant of the African Democratic Congress (ADC), Mohammed Hayatu-Deen, has warned that Nigeria’s small businesses are “suffocating” under rising costs and worsening insecurity, outlining plans to drastically reduce the cost of doing business as part of a broader economic recovery agenda.
Hayatu-Deen made the remarks on Wednesday in Abuja during a meeting with young entrepreneurs, where he said the survival of small and medium-sized enterprises (SMEs)—widely regarded as the backbone of the economy—was under serious threat.
“The message from these young entrepreneurs was clear: the cost of doing business is rising faster than their ability to grow,” he said. “From energy to transportation to raw materials, everything is becoming more expensive, while profits continue to shrink.”
His intervention comes amid mounting economic pressures, including high inflation, volatile exchange rates, rising energy costs and persistent insecurity, all of which have combined to weaken business confidence and constrain growth.
Hayatu-Deen said SMEs, which account for a significant share of employment and economic activity in Nigeria, are increasingly being forced into survival mode rather than expansion.
“When the enabling environment is right, businesses thrive. When it is not, even the most resilient struggle,” he noted.
The ADC aspirant identified insecurity as a central factor undermining economic stability, arguing that no meaningful growth can occur in an environment where farmers, traders, manufacturers and investors operate under constant threat.
He outlined a reform agenda focused on reducing operational costs for businesses through improvements in energy supply, infrastructure, access to finance and regulatory efficiency.
According to him, restoring investor confidence and creating a more predictable business environment would be key to unlocking growth and job creation.
“Our SMEs should be building, hiring, innovating and expanding—not merely struggling to survive,” he said. “Nigeria cannot create prosperity while its businesses are suffocating under rising costs and insecurity.”
Hayatu-Deen added that his campaign is anchored on building a productive economy capable of delivering jobs, improving security and expanding opportunities for young Nigerians.
He said consultations with entrepreneurs, business leaders and other stakeholders would continue as he refines his policy direction ahead of the ADC primaries.
The renewed focus on the cost of doing business reflects growing concern among policymakers and economic stakeholders over the sustainability of Nigeria’s SME sector in the face of persistent macroeconomic challenges.
