Reps seeks N350m allocation to revive ailing SMEs

The House of Representatives has called on the Federal Government to allocate N350 million in the 2026 budget to revive moribund industries and support small and medium-sized enterprises (SMEs) across Nigeria.

The resolution followed the adoption of a motion moved by Hon. Akarachi Amadi, who represents the Mbaitoli/Ikeduru Federal Constituency of Imo State.

Amadi noted that several formerly thriving industries across the country have collapsed or become inactive due to poor power supply, high interest rates, and weak infrastructure, leading to job losses and economic decline.

Citing data from the National Bureau of Statistics (NBS), he said Nigeria’s unemployment rate has risen from 25 percent in 2022 to over 40 percent in 2025, largely due to the closure of key manufacturing industries.

“The moribund state of local industries has led to an increase in the importation of goods previously produced in Nigeria, causing capital flight, worsening exchange rates, and fueling inflation, especially in sectors where we were once self-reliant,” Amadi said.

He added that the collapse of local industries has also contributed to rising insecurity, kidnapping, and other social vices, as many unemployed youths turn to crime out of frustration.

The lawmaker highlighted that several industries across the six geopolitical zones remain inactive, including the Katsina Steel Rolling Mill in Katsina State, the National Paper Manufacturing Company in Ogun State, and the Standard Shoe Industry Limited in Imo State. Others include the Taraba Tomato Processing Company, the Idah Glass Company in Kogi State, and the Cross River Wood Processing Plant.

Amadi warned that some Nigerian manufacturers are already relocating to neighbouring countries such as Ghana due to Nigeria’s poor infrastructure and high operating costs.

He stressed that reviving industries like the Osogbo Steel Rolling Mill, Osogbo Machine Tools, and Ceramic Industry, Umuahia would strengthen Nigeria’s economy, reduce reliance on imports, and create more jobs.

Following the motion’s adoption, the House urged the Federal Ministry of Industry, Trade, and Investment to include the N350 million allocation in the 2026 budget to kick-start the revival of these industries.

An 18-year-old rejected by Ivy Leagues, now the founder of a million dollar AI empire

 Zach Yadegari is 18 years old and has already built a technology business that generates millions in revenue annually. His story challenges traditional ideas about college, career success, and what it takes to achieve them.

He demonstrates that self-driven learning, consistent persistence, and hands-on practical experience can open doors—often without following the usual academic or professional paths. Zach’s journey highlights how unconventional approaches and a strong entrepreneurial mindset can lead to remarkable achievements at a young age.

Cal AI's users upload a photo of their food, and the app's artificial intelligence-based software gives them an estimate of the total calories. The app, which Yadegari says has a 90% accuracy rate, was launched in May 2024.

Learning to code early

Yadegari started coding at seven. By ten, he was teaching others how to code and charging $30 per hour.

He launched it in May 2024 with partners Henry Langmack, Blake Anderson, and Jake Castillo. The app grew quickly, reaching $30 million in annual revenue. Yadegari created it after realizing how difficult it was to track calories accurately during his own fitness routine. The app focuses on usability, allowing people to log meals by taking a picture rather than manually entering every item.

Cal AI’s growth shows how young developers can spot problems in daily life and build solutions that many people find useful.

Yadegari and his team handled coding, design, and marketing themselves, gaining practical experience that few classroom settings can provide.

Facing Ivy League rejections

Even with a 4.0 GPA and a 34 ACT score, Yadegari was rejected by Stanford, MIT, Harvard, Yale, Columbia, and Princeton. He received offers from Georgia Tech, University of Miami, and University of Texas. He chose the University of Miami for its social environment, preferring opportunities to meet people and learn outside the classroom rather than focusing on prestige.

College as a learning experience

Yadegari initially enrolled in the business school at Miami. Later, he switched to philosophy and continues with one entrepreneurship course. He has said that most of what he learns in class is less valuable than running a business himself. College is important to him for the social experience and the chance to explore different ideas, but he views it as a supplement to practical learning rather than the main path to success.

Lessons from Yadegari’s path

Yadegari’s story reflects a broader trend among young innovators. Many are questioning whether elite colleges are necessary for building careers. Instead, they are focusing on skills, entrepreneurship, and technology projects. Yadegari’s journey shows that results, impact, and problem-solving ability can matter more than a degree from a top university.

From teaching himself to code at seven to co-founding a company generating millions at 18, Yadegari offers a model for young people who want to explore alternatives to traditional education.

His experience shows that it is possible to build a career through creativity, learning by doing, and persistence. It also demonstrates that education can take many forms, and success is increasingly measured by what people can create and accomplish rather than where they went to school.

The takeaway

Yadegari continues to explore business ideas and technology projects. He still attends some classes but spends most of his time on ventures that interest him. His approach suggests that college can be one part of a larger learning journey rather than the only route to achievement.

Zach Yadegari’s journey highlights that today’s youth can shape success on their own terms, demonstrating how determination, hands-on experience, and curiosity can open doors that conventional paths may not.

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