By Providence Ayanfeoluwa

The FATE Institute, research and policy arm of FATE Foundation, would unveil two reports titled: “the 2025 State of Entrepreneurship in Nigeria and Beyond the Hustle: Nigeria’s Industrial Reawakening” at its 11th Policy Dialogue Series, PDS on Entrepreneurship.

 Meanwhile, the 11th PDS is scheduled to hold on November 19, 2025 with the theme: “From Enterprise to Industry: Unlocking MSME Potential for Nigeria’s Industrialization”, in Lagos.

Speaking at a media briefing in Lagos, Director, The FATE Institute Amaka Nwaokolo, said that the PDS which began 11 years ago as a platform for constructive engagement between policymakers, business leaders, researchers, and development partners has evolved into a national conversation platform that shapes MSME-related discourse.

Nwakolo said: “We bridge the gap between evidence and policy; ensuring decisions that affect entrepreneurs are informed by credible research, data, and real experiences.

 “Through reports like the State of Entrepreneurship in Nigeria and Beyond the Hustle: Nigeria’s Industrial Reawakening, we aim to inform, influence, and inspire action.”

Also, Chairperson, 2025 PDS Technical Committee, Cecilia Akintomide, said Nigeria’s industrial future won’t be built by a few big players, but by millions of small producers, people upgrading their skills, improving productivity, and growing together to power a more inclusive economy

Akintomide said: “Small businesses, which account for more than 84 percent of employment in Nigeria, are still stuck in low-productivity activities. So while entrepreneurship is booming, it’s not yet translating into the kind of productivity and industrial strength we need to move the economy forward.

“That’s why this year’s report is calling for a bottom-up approach to industrialization, one that puts nano, micro, small, and medium enterprises right at the center of our value chains. Industrial growth shouldn’t just be about big factories or large corporations; it should be about everyday entrepreneurs building, producing, and adding value.

“This year’s theme really brings something important to the table, the fact that Nigeria’s future industrial success depends on how productive our millions of small businesses are.

 “We can’t keep treating entrepreneurship and industrialization as two separate things. If we truly want growth that lasts, the two have to come together, and they have to come together fast. Our entrepreneurs need to be part of the industrial story, and our industrial policies need to make room for them to grow and scale

Additionally, Vice-Chairman, 2025 PDS Technical ommittee/President, Association of Small Business Owners, ASBON Dr. Femi Egbesola, said Industrialization is not just a policy slogan; it is about enabling production, helping businesses actually make things. It’s about creating decent jobs, and building strong domestic value chains that keep wealth circulating in our economy.

He added that when small businesses thrive, industries are born, and when those industries begin to scale, entire economies transform. “That’s the real pathway to inclusive growth.”

Egbesola said: “Across Nigeria, business associations see firsthand how micro, small, and medium enterprises are struggling every single day with power, finance, logistics, and inconsistent government policies. These are not abstract issues; they are daily battles that determine whether a business survives or shuts down.

“The Industrialization Report makes this very clear: if we don’t tackle these firm-level bottlenecks head-on, Nigeria cannot industrialize in a sustainable way. Industrial policy has to begin from where entrepreneurs are not from the top, but from the ground up.

“The report also sounds a clear warning; Nigeria’s industrial journey so far has been “top-heavy and bottom-fragile.” What this means is that a few big conglomerates dominate, while millions of smaller entrepreneurs remain stuck in survival mode.”

Giving highlights from the report, Senior Research Fellow, The FATE Institute/ Principal Economist, ETC, Nigerian Economic Summit Group, NESG Dr. Wilson Erumebor, said the data reinforces what the industrialization report is saying: “Nigeria’s growth challenge is not about lack of entrepreneurship, it’s about the missing middle. We need more dynamic small firms that can connect micro-enterprises to large industries through local production, supply networks, and value chains.

“Because without empowering mall firms to actually produce, not just trade or survive, our industrial ambitions will remain more theoretical than real. That’s the message both reports drive home, and that’s the conversation we are here to advance.”

Erumebor who has been a part of the team developing these reports in the last five years, explained that the 2025 State of Entrepreneurship Index rose to 0.47 (from 0.46 in 2024), marking the first increase since its inception, indicating a gradual adaptation and cautious optimism among entrepreneurs.

He said youth-led businesses continue to show resilience. 65.8 percent reported growth this year, up from 62.3 percent in 2024, largely driven by better access to finance and faster adoption of technology.

“Interestingly, female-led businesses actually outperformed their male counterparts, with 69.2 percent reporting growth. Yet, only 26.3 percent of them were able to access institutional credit, which tells us that when women get even a fraction of the support they need, they deliver remarkable results.

“We’re also seeing northern states like Jigawa, Kwara, and Adamawa emerging as new frontiers for female entrepreneurship.

“Entrepreneurs created over 14.000 new jobs this year, but at the same time, net employment fell by about 2,300. This shows that despite the tough economy. Entrepreneurs are doing everything they can to stay afloat and protect jobs.

“We also saw a rebound in business creation, 26.7 percent of entrepreneurs started new businesses, compared to 24 percent last year. That’s another signal of renewed energy and confidence in the space.

“However, we’re also seeing growing regional disparities with some northern states improving steadily, while parts of the south are lagging. The upcoming report dives into these patterns in detail and offers practical lessons for targeted policy interventions at the state level.”