ABUJA — Former Chairman of the Nigeria Economic Summit Group (NESG), Mohammed Hayatu-Deen, has said rising costs, insecurity and economic instability are choking Nigerian businesses and pushing many small enterprises to the edge of survival.
The warning came during a meeting with young entrepreneurs as part of Hayatu-Deen's ongoing economic consultations, amid worsening inflation, high energy costs, currency instability and mounting pressure on small and medium-sized enterprises across the country.
Hayatu-Deen, who is seeking the ADC presidential ticket ahead of the 2027 elections, spoke during the engagement with the entrepreneurs, where discussions focused on the harsh business climate and its growing impact on jobs, investment and household incomes.
"The message from these young entrepreneurs was clear. The cost of doing business is rising faster than their ability to grow. From energy, to transportation, to raw materials, everything is becoming more expensive, while profits continue to shrink," Hayatu-Deen said.
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Small and medium-sized enterprises remain one of Nigeria's largest sources of employment, but operators say rising operational costs and uncertainty are making survival increasingly difficult.
He said, "Having spent years supporting the growth of businesses and helping to create millions of jobs, I understand both the promise of our SMEs and the constraints holding them back.
"When the enabling environment is right, businesses thrive. When it is not, even the most resilient struggle."
Hayatu-Deen said his vision for Nigeria was centred on building a productive economy that rewards enterprise, restores investor confidence and lowers the burden on businesses through reforms in energy, infrastructure, taxation, access to finance and regulation.
He said insecurity remained a major obstacle to economic recovery, warning that farmers, traders, transporters, manufacturers and investors cannot function effectively in an atmosphere of fear and uncertainty.
Hayatu-Deen said, "Our SMEs should be building, hiring, innovating, and expanding, not merely struggling to survive.
"Nigeria cannot create prosperity while its businesses are suffocating under rising costs and insecurity."
He said his decision to seek the presidency was driven by the need to rebuild the economy, create jobs and expand opportunities for Nigerians.
"This is why we are running, to fix this. To build a safer country, create more jobs, lower the cost of doing business, and give millions of Nigerians a real opportunity to succeed," he added.
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Hayatu-Deen is expected to continue consultations with business leaders, professionals and young Nigerians in the coming weeks as he steps up engagements around his economic agenda ahead of the 2027 elections.
