First Lady Tinubu’s Akara Comment Sparks Public Debate

Comments by First Lady Oluremi Tinubu about akara sellers and small business leadership triggered a spirited national debate on social media and in business circles over the weekend, raising broader questions about government policy toward micro-enterprises and the appropriate use of public funds for economic empowerment.

The First Lady, while speaking at what sources described as a public engagement, made references to akara as an example of small-scale entrepreneurship, framing it in a way that drew mixed reactions from Nigerians. While some commentators praised what they saw as an acknowledgement of the informal economy, critics said the framing was condescending to millions of Nigerians whose livelihoods depend on micro-enterprise activities like food vending and roadside retail.

Elumelu Video Resurfaces

The controversy prompted the circulation of an old video of billionaire Tony Elumelu buying roasted corn from a street vendor, which social media users contrasted with what they described as patronising elite attitudes toward informal traders. Elumelu’s gesture was praised as a demonstration of respect for small-scale commerce that Nigeria’s political class was said to lack.

Business analysts said the real question raised by the akara debate was not about personal attitudes but about policy. They noted that Nigeria’s 40 million micro, small, and medium enterprises, which employ over 80 per cent of the workforce and contribute nearly half of GDP, received a disproportionately small share of formal credit, government contracts, and economic infrastructure investment compared to their size and contribution.

SME Financing Remains a Critical Gap

Furthermore, the Manufacturers Association of Nigeria had just warned that bank credit to the manufacturing sector was declining sharply, reinforcing the case for dedicated SME financing interventions. The Consumer Credit Corporation’s N37 billion disbursement, while notable, was described by analysts as a starting point rather than a solution to a structural credit gap estimated in the trillions of naira. Still, government officials said the Renewed Hope Agenda included multiple SME-focused programmes. Consequently, the akara debate, while sparked by a social media moment, touched on one of Nigeria’s most substantive economic policy challenges.