News Agency of Nigeria
Katsina partners PEBEC to accelerate business enabling reforms
Economy/Business

Katsina partners PEBEC to accelerate business enabling reforms

257 total views today

By Abbas Bamalli

The Presidential Enabling Business Environment Council (PEBEC) and the Katsina State Government have engaged business leaders to access and accelerate business enabling reforms in the state.

The business leaders and other stakeholders were engaged at the State Action on Business-enabling Reforms (SABER) Technical Session and Statewide Town-Hall Meeting in Katsina.

The News Agency of Nigeria (NAN) reports that the event which brought together key stakeholders from the public and private sectors was organised by PEBEC in collaboration with the state government.

Gov. Dikko Radda, in his remarks, said the event aimed at assessing the state’s performance on business, enabling reforms and strengthening alignment with national economic initiatives.

Radda, represented by his Deputy, Mr Faruk Lawal, reaffirmed his administration’s commitment to tackling bottlenecks and fostering a conducive environment for businesses to thrive in the state.

He added that the state had made significant progress in implementing actionable and revolving business reforms, which had helped to attract investors and promote economic growth and sustainability.

The Governor emphasised that the ease of doing business had become a top priority of the state government and would remain steadfast in achieving the desired goals.

Radda added that the state government had restructured its business framework and created the Katsina Enterprises Development Agency (KASEDA).

According to him, the aim of creating the agency was to support nano, small and medium businesses with resources and tools to grow.

“My administration is creating an enabling environment for business, especially small and medium enterprises, to operate and succeed, and we know the role of the government in creating such an enabling environment for businesses.

“As a government, therefore, we first began our journey by strengthening leadership around the Ease of Doing Business agenda.

“We appointed the Deputy Governor to chair both the Ease of Doing Business and the MSMEs,” Radda said.

In her remarks, the Director-General of PEBEC, Princess Zahrah Audu, explained that the ongoing nationwide sub-national tour was aimed at strengthening state-level ownership of the reform initiatives.

She explained that the PEBEC works closely with state governments to improve the business environment and deepen the implementation of SABER for the sustainability of ease of doing business in the country.

Audu virtually told the  participants that PEBEC was a World Bank-funded project aimed at promoting economic growth and development in Nigeria.

Earlier, the Director-General of the Katsina State Investment Promotion Agency (KIPA), Ibrahim Tukur-Jikamshi, said the meeting was a step towards deepening ease of doing business and economic reforms.

He said that Radda had embraced the SABER reforms framework not just as a compliance requirement, but as a strategic instrument for state transformation and economic inclusion.

He stated that the Radda-led government had waived all Right of Way (RoW) charges for fabric optic development and granted ‘interest-free loans’ to MSMES to simplify business support schemes in the state.

“We have exempted qualifying businesses from selected fees and levies to reduce start-up costs.

“We continued to prioritise transparency and public feedback, with all MDAs now publishing all timelines and costs,” he added.

Tukur-Jikamshi stressed that the government had taken proactive steps in mainstreaming reforms into the fabrics of the state by establishing a high-powered reforms implementation committee to deliver results across all reform sectors. (NAN)

Edited by Abdulfatai Beki/Bashir Rabe Mani

Wike-led FCTA opening Abuja for businesses, housing, investment -Tinubu
Metro

Wike-led FCTA opening Abuja for businesses, housing, investment -Tinubu

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By Philip Yatai

President Bola Tinubu says the Nyesom Wike-led Federal Capital Territory Administration is opening the territory for businesses, housing and investment.

Tinubu said this in Abuja on Tuesday, while inaugurating the right-hand service carriageway of the Inter Northern Expressway (INEX), from Ring Road III to Outer Northern Expressway, ONEX (Murtala Mohammed Expressway).

The project was among the 10 so far inaugurated out of the 17 projects outlined for inauguration to celebrate Tinubu’s second year in Office.

Represented by Deputy Senate President Barau Jibrin, the president described the newly constructed INEX as a “critical piece” of the Federal Territory Master Plan.

He added that the road was designed to ease traffic flow, enhance connectivity and improve urban mobility for millions of commuters, residents and businesses in the city.

He commended the FCT Administration led by Wike, for his vision and commitment to quality and timely execution of projects.

“What you have contributed to something larger than the roadway; you have contributed to the future of our capital.

“This vital carriageway we inaugurated today is not just a road; It is a symbol of progress and a reflection of my administration’s Renewed Hope Agenda.

“An agenda committed to building infrastructure that serves the people, unlocks economic potential and supports sustainable development,” he said.

Tinubu pointed out that as traffic volume increases in the FCT, and across the satellite towns, it has become imperative for continuous expansion and maintenance of critical routes.

This road, he said, would not only connect key junctions, but also facilitate safer and faster movement within Abuja transportation corridors.

“It will open more opportunities for businesses, housing, and investment in the adjoining districts.

“It is quite apt to say that projects like these are a testament to what we can achieve when planning, execution and leadership are aligned with purpose.

“We are determined to replicate these sources in every part of the country with roads, bridges, railways and more ensuring that no region is left behind,” he added.

Earlier, Wike said that the 16-kilometre road was awarded in 2014 at the cost of N7 billion but was executed and completed by the current administration at N31 billion due to inflation and variation.

He said that the completion of the project was in line with Tinubu’s renewed hope agenda, to complete ongoing projects that would impact the life and the economy of the people.

He commended Tinubu for the commitment to making sure that a project of this nature was concluded.

“This is the industrial site of Abuja. The Industrial Park is somewhere close, and the developer had not been encouraged until the Tinubu Administration rescued the situation.

“The Industrial Park, when completed, will create 40,000 direct jobs. If we are able to give them support, some of the problems will be solved,” he said.

The minister emphasised that road infrastructure was the driver of any economic growth, stressing that investors would come when there were roads.

He noted that Tinubu has done quite well for the residents and for the development of Abuja and appealed for his continued support.

“I will continue to do the best under the renewed hop agenda for the interest of our country and for the interest of Abuja,” he said.

On her part, the FCT Minister of State, Dr Mariya Mahmoud, noted that the project was another testimony to Tinubu administration’s resolve to deliver impactful and people-centred governance.

Mahmoud said that the road would serve as a symbol of collective determination to build a better, more connected, and more prosperous Nigeria under Tinubu.

Mr Richard Dauda, acting Executive Secretary, Federal Capital Territory Development Authority, said that the INEX was the primary road that bound the inner development corridor of the northern flank of the city.

Dauda said that the full scope of the road in the Abuja Master Plan from Maitama to ONEX was a 32.5 kilometre, 10-lane expressway.

He said that the road was planned to consist of two main carriageways of three lanes each and two service carriageways of two lanes each.

“The Master Plan provides that the expressway commences at Maitama by the IBB Golf Course, traverses through the Central Area, passing between the National Mosque and the Yar’adua Centre in Phase I and continues through Phase II of the city to Wuye and Dakibiyu Districts.

“It then proceeds to Phase III and Phase IV, through the Idu Industrial Area and terminates at ONEX,” he said.

He said that the road was being developed in stages with the first phase being the right-hand carriageway from Ring Road II to Ring Road III, adding that the second stage was the section being inaugurated. (NAN)

Edited by Abiemwense Moru

Professor, who sells vegetables, advises youths on small businesses
Business

Professor, who sells vegetables, advises youths on small businesses

260 total views today

By Zubairu Idris

Prof. Nasir Hassan-Wagini of Biology Department, Umaru Musa Yar’adua University (UMYU), Katsina, who produces and sells vegetables, has advised students and youths to key into small businesses rather than wait for white-collar jobs.

 

Hassan-Wagini gave the advice on Monday in an interview with the News Agency of Nigeria (NAN) at a weekly market in Batsari, Katsina state, where he sells the produce.

 

The professor said he was born by a farmer, grew up as a farmer, and went into produce businesses at an early stage of life.

 

He said that his story became popular after he was promoted to the rank of professor.

 

“My call to the NCE, Diploma and degree graduates is that they should feel free and start small businesses in their communities instead of staying idle.

 

“I’m a professor of plant resources at UMYU, I want youths and students to look at me, know my rank and position, and I still engage in small business of this nature.

 

“That may clear their minds because they feel shame and too big to go into such type of small businesses.

 

“What matters is what you are contributing to the society. So, stop staying at home doing nothing when you did not get job, start with small businesses like this one.

 

“Our youths should stop going to other places looking for job, they should get into farming and other small businesses to become self-reliant.

 

“Self-reliance is key to successful life. Try to merge your education with vocational skills for your own good,” he said.

 

One of his neighbours in the market, Malam Uzairu, said that they enjoy staying with the professor in the market.

 

He described the professor as trustworthy, humble and kind in his interaction with people.

 

“We respect him and he respect us. In fact, he is a nice person who knows how to relate with all categories of people,” he said.

 

NAN reports that the price of a 100 kg bag of onion in the market cost N65,000 and above depending on its quality.

 

A 100 kg bag of dried red pepper sells at N115,000 and above, 100 kg bag of dried tomatoes, N60,000 and above, while 50 kg bag of fresh hot pepper, N100,000 and above.

 

NAN was told that in the next few months, farmers would start harvesting fresh tomatoes, red pepper, onions, among others.

 

NAN also reports that security in the area has improved, and has allowed for business activities to thrive.(NAN) (www.nannews.ng)

Edited by Ismail Abdulaziz

PEBEC to undertake nationwide ease of doing business sensitsation tour
Economy/Business

PEBEC to undertake nationwide ease of doing business sensitsation tour

252 total views today

By Joseph Edeh

The Presidential Enabling Business Environment Council (PEBEC) says it will commence a nationwide sensitisation tour on June 23 to drive ease of doing business reforms in the country.

Zahrah Mustapha-Audu, the Director-General of PEBEC, said this in a statement on Wednesday in Abuja.

She said that the tour would feature technical sessions and town halls, providing a platform for stakeholders to engage with government officials, share experiences and propose reforms to ease business operations.

“The goal is to create a more conducive business environment, attracting investment, and driving economic growth across Nigeria.

“The tour will provide an opportunity for businesses, investors, and the general public to interact with government officials, share concerns, and propose solutions to challenges hindering business growth,” she said.

According to her, PEBEC is driving impactful reforms to make business in Nigeria easier, more transparent, and less bureaucratic.

“From simplified processes to digital innovations, we’re creating an environment where businesses can start, grow, and thrive with ease,“ she said.

The News Agency of Nigeria (NAN) reports that the initiative is part of PEBEC’s efforts to enhance the ease of doing business at the subnational level.

It intends to achieve that by collaborating with state governments, the private sector and international partners.

PEBEC, established in July 2016 by the Federal Government to oversee Nigeria’s business environment intervention, is tasked with the dual mandate of dismantling bureaucratic and legislative constraints to doing business.

It is also mandated to deliver Nigeria’s business environment reforms. (NAN)

Edited by Uche Anunne

Business council celebrates Africa’s business, visionary writers
General News

Business council celebrates Africa’s business, visionary writers

268 total views today

The Business Council for Africa (BCA), in collaboration with BrandComms and African Business, has announced the shortlist for the third edition of the BCA Business Book of the Year Awards.

The annual awards celebrate powerful business narratives that spotlight Africa’s socio-economic transformation.

It honours visionary authors and publishers whose works capture stories of bold entrepreneurship, resilient leadership, and strategic transformation across the continent.

This year’s shortlist reflects the diversity and depth of Africa’s business landscape, with themes ranging from manufacturing and capital market reforms to African economics, infrastructure, and intra-Africa travel.

Other shortlisted include digital transformation through comedy skits, gas as an alternative feedstock for industry, and Africa’s resilient response to COVID-19.

According to Arnold Ekpe, Chairperson of BCA and Chair of the Judging Committee, ‘We have seen research that quantifies the cost of the risk premium we are paying. This is because we are simply not good at telling our stories—especially our business stories.

“Although more business books are being published, the numbers remain modest given the remarkable businesses emerging across the continent.

“Africa is leading in many sectors, from tech to fashion, film, finance, and mining—yet our stories remain largely untold.”

The BCA Board of Directors, which provides strategic direction to the Council, is comprised of visionary leaders with deep expertise in African and global markets:

They include Arnold Ekpe- Chairman: A retired international banker who led major African banks, including Ecobank and UBA.

Clive Carpenter – Deputy Chairman (Executive): An international banker with over 50 years of experience spanning Kenya, Nigeria, the Netherlands, and the UK.

Jeremy Sivyer – Company Secretary: A seasoned commercial lawyer with expertise in global markets, having served as Head of the Commercial Group at Simmons & Simmons and at Russell-Cooke.

Dr Alim Abubakre- Founder & Non-Executive Chair of TEXEM, UK: An educator, strategist, and advocate for leadership development with global teaching experience.

Terhas Berhe – Founder and Managing Director of Brand Communications: A seasoned strategist with over 25 years of experience in brand design and financial marketing.

Dr Knox Chitiyo – Africa Associate Fellow, Chatham House: An expert in African security, diplomacy, and diaspora relations.

Ethel Kuuya – Founder & CEO, Advisory Kulture: A visionary leader with two decades of experience driving organisational transformation across 12 African countries.

Michael Monari – Founder, Longitude Finance: A corporate executive with 30 years of experience in African banking.

The Awards Ceremony is scheduled to hold on July 4, at the Institute of Directors, 116 Pall Mall, London, United Kingdom.

The winner will receive a trophy and 10,000 dollars, while the second and third-place winners will receive 5,000 dollars and 2,500 dollars, respectively.

Last year’s winners included “How Africa Trades by Professor David Luke; Africa is Not a Country by Dipo Faloyin and Ethiopian Airlines: The African Aviation Powerhouse by Jozef Mols

The 2025 Shortlisted Books: “A West African Entrepreneur’s Challenging Path to Financial Freedom” by Ike Onyema Obi and Janine de Nyssche

“Africonomics: A History of Western Ignorance and African Economics” by Bronwen Everill

“Essentials of Leadership in Africa” by Bella L. Galperin and Caren B. Scheepers

“In Her Hands: Shaping the Future of Manufacturing in Africa” by Demi Samande

“Africa’s Global Infrastructures” by Jana Honke, Eric Cezne, Yifan Yang

“How Nigeria’s Comedy Skit-Makers Are Redefining Africa’s Digital Content Landscape” by Bell Ihua, Ph.D.

“The Traveller: Crossing Borders and Connecting Africa” by Thebe Ikalafeng

“All Hands on Deck for Capital Markets Reform” by Arunma Oteh

“Riding the Storm: The Untold Story of Africa’s Response to the COVID-19 Pandemic” by Toni Kan.

“The Rise of Gas” by Engineer Charles A. Osezua

For more information on the Awards Ceremony, visit: https://bcafrica.org/book-awards/. (NAN)

Edited by Ismail Abdulaziz

BRIPAN, Federal High Court partner on business insolvency
Economy/Business

BRIPAN, Federal High Court partner on business insolvency

352 total views today

By Rukayat Moisemhe

The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) has partnered with the Federal High Court to streamline processes within the insolvency division and enhance the administration of business recovery in the country.

BRIPAN President, Mr Chimezie Ihekweazu, disclosed this in a communiqué made available to the News Agency of Nigeria (NAN) on Saturday in Lagos.

NAN reports that BRIPAN is a professional body involved in business recovery and insolvency, promoting best practices and managing financially distressed individuals and businesses.

Ihekweazu, who is also a Senior Advocate of Nigeria (SAN), said the collaboration aims to simplify insolvency proceedings and processes.

The insolvency division refers to a section within a legal or financial institution that manages the legal processes associated with companies or individuals unable to repay their debts, potentially resulting in liquidation or restructuring.

Ihekweazu stated that the partnership meeting was held with the Head of the newly established Insolvency Division, Mimidoo Abako Esq., and the Deputy Chief Registrar of the Lagos Division, Mr Godwin Long.

He described the initiative as a significant milestone in legal sector collaboration.

Ihekweazu stressed the importance of competent personnel with expertise in various insolvency options to ensure the effective operation of the division.

He proposed the establishment of a dedicated registry to monitor insolvency matters and facilitate close coordination with the Corporate Affairs Commission (CAC).

“This integration is expected to harmonise record-keeping between both bodies, prevent duplication of proceedings, and expedite hearings,” he said.

Ihekweazu also advocated for strong technological support and the decentralisation of the insolvency unit’s operations to ensure consistency across all divisions of the court.

Mr Amala Umeike Esq., a BRIPAN team member and Chairman of the Joint Committee with the CAC for reviewing the Insolvency Regulations 2022, commended the initiative.

Umeike noted that the improved structures would not only streamline insolvency cases at the Federal High Court but also increase revenue generation for the institution.

The Vice President of BRIPAN, Mr Albert Folorunsho, called for the formation of a technical joint committee or consultancy group to oversee the phased implementation of the division.

Mr Godwin Long reaffirmed his team’s commitment and pledged unwavering support for the collaborative effort.

According to him, the meeting marked the beginning of a more efficient and coordinated approach to insolvency matters.

He assured that both BRIPAN and the Federal High Court remained committed to establishing a robust legal framework for the future. (NAN)

Edited by Chinyere Joel-Nwokeoma

Business experts outline start-up success tips
Economy/Business

Business experts outline start-up success tips

359 total views today

By Rukayat Moisemhe

Experts have emphasised the importance of team alignment, a high-performance culture, employee engagement, and effective leadership in attracting funding and ensuring business sustainability for entrepreneurs and start-ups.

They made the call at the American Business Council (ABC) Business-for-Business (B4B) Revenue Acceleration Programme on Friday in Lagos.

Mrs Edememe Oladiji-Wusu, Executive Director, Semper Discens Ltd., noted that the growth of Africa rested on the shoulders of entrepreneurs.

She stated the importance of team alignment with an organisation’s goals and the need to reinforce the vision over.

Oladiji-Wusu said that when vision, execution, and culture aligned, business growth becomes an intentional act.

According to her, teams that are aligned, that bring their heads, hearts, and hands to work make scaling possible.

She emphasised the need to foster synergy between sales, marketing, and operations while ensuring that every team member understood that their individual contribution connected to the organisation’s vision.

Oladiji-Wusu said the event aimed at building Small and Medium Enterprises (SMEs) would help drive their alignment process to enhance the scalability of organisations.

“Alignment is not automatic and as leaders, you must actively reinforce it to ensure people see how their role connects to the bigger picture to drive engagement.

“It is important to note that clear communication, goal cascading, and leadership reinforcement are key to staying in sync.

“When you are able to get your team aligned, your customers will be getting the same quality of service, whether or not you are in the organisation.

“Regardless of who the customers are facing, they are getting the same high quality service, because there has been alignment, there is vision clarity, and it is reinforced over and over again,” she said.

Napa Onwusah, Founder, B4B Partners, stressed the importance of ensuring that early stage businesses effectively scale their revenue operation in competitive markets in line with organisational visions and goals.

Onwusah noted that what investors were looking to see in any start-up was traction and ability to scale locally and internationally.

She said once traction and scalability was established companies and venture capitalists would be eager to invest.

She urged entrepreneurs and startups to understand the basics of revenue, the different parts from product to sales and how to motivate and keep a sustainable sales engine.

She advised that business owners in scaling their businesses, also set up and scale their sales engines, stating that a very solid sales engine translates to better revenue generation.

Onwusah noted that the programme partnership with the American Business Council was a very important step to support the operations of businesses and startups in the countries.

“A lot of founders come from the tech background, so they do not have an understanding of sales engines, sales systems or even revenue mechanics.

“For startups, the first thing you need to do is to make sure that you are either being mentored or educated about some of the things people have done before you, so you are not trying to reinvent the wheel.

“The second thing is working with partners like ABC that can provide you with the support you need, either through accelerators or through training or information and lastly, you must implement the knowledge you’re getting,” she said.(NAN)

Edited by Vivian Ihechu

ACCI pledges to boost women’s role in business
Economy/Business

ACCI pledges to boost women’s role in business

294 total views today

By Vivian Emoni

The Abuja Chamber of Commerce and Industry (ACCI), has reaffirmed its commitment to boost women’s participation in business and trade for economic growth.

Its Director-General, Mr Agabaidu Jideani, disclosed this at a virtual meeting to commemorate the International Women’s Day (IWD) 2025 in Abuja on Wednesday.

The News Agency of Nigeria (NAN) reports that the event was organised by the chamber’s Women in Business Trade Group (WIB-TG).

The theme of the meeting was “Invest in Women: Unleashing Economic Potential for a Sustainable Future”.

Jideani said ACCI decided to celebrate the IWD through virtual meeting with relevant stakeholders to demonstrate the importance of women in the country.

He reaffirmed the chamber’s dedication to advocating for policies that support women-led enterprises.

Jideani said that women were at the heart of economic transformation, innovation and development.

According to him, many women still face barriers to accessing opportunities, capital and leadership roles, in spite of their undeniable economic contributions.

“That is why today’s event is crucial; it is a platform to empower, educate and engage women in business, trade and entrepreneurship,” he said.

Similarly, Mrs Nonye Ayeni, Director-General of Nigeria Export Promotion Council (NEPC), said the council has engaged women in various training programmes, to support and enhance their business.

According to her, such programmes include market access initiatives and certification opportunities under the SheTrade Hub, aimed at strengthening female participation in global trade.

Ayeni was represented by Mrs Evelyn Obidike, Director, Product Development Department of the NEPC.

Also, the Director-General of the Small and Medium Enterprises Development Agency (SMEDAN), Mr Charles Odii, said the agency had initiated various initiatives to ensure that women entrepreneurs thrive.

The Vice President Legal of ACCI, Mrs Aisha Abdullahi emphasised creating opportunities and building a more inclusive economic landscape to improve women’s participation in decision-making.

“Investing in women is not just an economic imperative; it is a necessity for building a sustainable and prosperous future,” she said.

NAN reports that the participants emphasised on the need for stronger public-private partnerships to enhance financial accessibility, market integration and capacity building programmes for women in business. (NAN)

Edited by Maureen Ojinaka/Oluwafunke Ishola

Experts list ways to sustain family business
Economy/Business

Experts list ways to sustain family business

327 total views today

By Rukayat Moisemhe

Business experts have emphasised the importance of stewardship in sustaining family businesses across generations.

They spoke at the Lagos Business School (LBS) International Family Business Conference on Thursday in Lagos.

The experts also highlighted the need to build resilient governance structures, foster intergenerational collaboration, and prepare future leaders to uphold and expand family business vision.

Mr Aigboje Aig-Imoukhuede, Co-Founder, Tengen Family Office, stressed the importance of balancing family values with business growth to ensure a lasting legacy.

Aig-Imoukhuede, also former Managing Director, Access Bank Plc, said family-owned businesses accounted for 60 to 80 per cent of private businesses worldwide.

He, however, noted that in Africa, family business rarely survive one generation due to weak succession planning and governance frameworks.

Aig-Imoukhuede said the concept of stewardship, a leadership philosophy, placed family members as enterprise caretakers focused on preserving growth for future generations.

According to him, stewardships nurtures successors, preserving them for strategic, tactical, and operational responsibilities, while preserving family relationships.

He said the culture of stewardship flourished where family cohesion was high, with a commitment to long-term value creation.

“The challenges in stewardship and legacy building include the burden of legacy, managing growing responsibilities and interpersonal conflicts, among others.

“In addressing this, there must be well laid out communication strategies, open dialogue practices, establishing clear roles and responsibilities.

“A conflict and dispute resolution mechanism must be in place with expectations properly managed,” he said.

Prof. Yinka David-West, Dean, LBS, said family businesses were not just enterprises, but living legacies as backbones of economies, custodians of tradition, and innovation pioneers.

David-West noted that sustaining a family business across generations was one of the most significant leadership challenges.

She said while many first-generation businesses thrived, fewer survived into the second, and only a fraction make it to the third.

She stated that the difference between those that endured and faced was stewardship—the art of nurturing wealth, wisdom, succession, and a lasting legacy.

“That is why this year’s theme: “Preparing the Next Generation for Stewardship: Building a Lasting Legacy for Family Businesses,” is so critical.

“The LBS mission is to illuminate the principles of stewardship as the foundation for enduring success.

“We are committed to equipping next-generation leaders with the mindset and skills to lead with heritage and innovation.

“This event would also bridge gap between tradition and transformation, ensuring family businesses remain competitive, cohesive, and future-ready,” she said.

The Founder, Coscharis Motors, Dr Cosmas Maduka, noted that if everything a person lived for dies when the individual dies, such person has not lived successfully.

Maduka said the child with the most burning desire for the business with the proper structure in place should be one to take the baton of leadership in family business succession.

Mrs Adeolu Idowu, Partner, Aluko and Oyebode, urged business owners to employ the services of business advisors to provide evaluation on risk and family governance in the business.

Dr Chiedu Nwuke, Founder, Periwinkle Residences Ltd., noted that the most important focus must be on brand creation and passing the vision of the brand across generations.(NAN)

Edited by Chinyere Joel-Nwokeoma

MSMEs ‘ll thrive with tax exemptions under new reform bill – SMEDAN
Economy/Business

MSMEs ‘ll thrive with tax exemptions under new reform bill – SMEDAN

521 total views today

By Lucy Ogalue

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) says the proposed tax reform bill will significantly reduce financial burden and create a growth-enabling environment for small business owners.

The Director-General of SMEDAN, Mr Charles Odii, said this at a stakeholder engagement on tax reforms organised by the agency on Friday in Abuja.

The News Agency of Nigeria (NAN) reports that the theme of the event was, “Understanding the Tax Reform Bills:Benefits and How MSMEs can maximise Tax”.

Odii said that the bill, when passed into law, would eliminate multiple taxations and exempt businesses earning below N100 million annually from key taxes.

“We have 39,654,385 nano, micro small and medium enterprises (MSMEs)in Nigeria, and the first step towards ensuring their success is sensitisation.

“Many small business owners are unaware that if this tax reform bill is passed, they will no longer be required to pay VAT, CIT, PAYE, and several other taxes,” he said.

According to Odii, the reform is designed to encourage business formalisation and expansion without the fear of excessive taxation.

He also commended the House of Representatives for passing the bill and urged the Senate to follow suit.

“When small businesses flourish, the entire economy benefits. This reform will remove unnecessary regulatory bottlenecks, allowing MSMEs to thrive,” he said.

The President of the Nigeria Association of Small and Medium Enterprises (NASME), Dr Abdulrashid Yerima, also lauded the proposed reforms.

Yerima said that the bill addressed key challenges faced by MSMEs, particularly multiple taxation and arbitrary levies by regulatory agencies.

“Our members have long struggled with excessive taxation at different levels; import duties, levies on turnover, and arbitrary charges from state and local governments.

“The chairman of the Tax Reform Committee has clarified that many of these burdens will be eliminated once the bill becomes law,” Yerima said.

He further emphasised the need for proper implementation to ensure that non-state actors and unauthorised tax collectors did not continue to impose levies on small businesses.

He said that the reform would promote economic growth by allowing small businesses to reinvest their earnings, scale operations, and create more employment opportunities.

The Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, emphasised the necessity of overhauling the tax system to foster economic growth and alleviate the tax burden on small businesses.

Oyedele reiterated the challenges faced by small business owners, including multiple taxation and exploitation by revenue officers.

He said that many entrepreneurs lacked the resources to navigate complex tax demands, making them vulnerable to undue pressures.

“To address these issues, the committee proposed significant reforms, such as eliminating Value-Added Tax and withholding tax for businesses with annual turnovers below N100 million.

“Additionally, salaries up to N100,000 per month would be exempted from Pay-As-You-Earn (PAYE) tax.

” These measures aim to reduce the administrative burden on small enterprises, allowing them to focus on growth and innovation,”he said.

Oyedele underscored the importance of data-driven policy-making, referencing collaborations with organisations like the Faith Institute to gather credible data on the challenges faced by small businesses.

He said that the strength of a nation was reflected in how it treated its most vulnerable citizens.

He advocated for reforms that provide small businesses with the space to thrive without undue tax pressures.

“These reforms are designed, not merely to generate revenue, but to create a more equitable and supportive environment for small businesses, thereby laying a sustainable foundation for Nigeria’s economic growth and development,” he said.

Earlier, Mrs Linda Omubo-Pepple, SMEDAN’s Director of Partnership and Coordination, said that collaboration between policymakers and business stakeholders was important in shaping Nigeria’s tax policies.

Omubo-Pepple said that tax reforms played a critical role in driving economic growth while ensuring the sustainability of MSMEs.

“As we navigate the tax reforms, it is essential that we foster open dialogue between policymakers and business stakeholders.

“The impact of these reforms will be felt across industries, and this session provides a unique platform to engage, share insights, and collectively address key concerns,” she said.

The meeting, attended by key MSME stakeholders and representatives of the Federal Government, also provided a platform for business owners to ask questions and gain clarity on the provisions of the reform bill. (NAN)

Edited by Kadiri Abdulrahman

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