NEWS AGENCY OF NIGERIA

Lawmakers canvass tax incentives for small businesses in FCT

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By Naomi Sharang

Some members of the House of Representatives have advocated for tax incentives for small businesses in the Federal Capital Territory (FCT) to thrive.

The lawmakers made the call at the unveiling of an entrepreneurial centre, Dreamskin Luxe Empire, in Abuja on Friday.

The News Agency of Nigeria (NAN) reports that the unveiling of the centre was to commemorate St. Valentine’s Day.

Rep. Chinedu Obika, representing Abuja Municipal/Bwari Federal Constituency, specifically described FCT as a thriving environment for businesses.

Obika called on the FCT Minister, Nyesom Wike and others to prevail on tax administrators not to multi-tax small scale business owners.

He said that multiple taxes would discourage entrepreneurship and development in the area councils, as some of the tax administrators collected tenement rates, business premises tax and all kinds of taxes.

According to him, they should be able to harmonise the taxes in order not to put too much pressure on businesses and force them to close down.

“This is because when businesses are closed, the people who are engaged in them will fall back to the streets; and an idle mind is a devil’s workshop.

“So the area councils, it is their duty to make sure that the businesses are encouraged through tax rebates or tax reduction.

“I am appealing to the Area Council Chairmen who represent AMAC and Bwari Area Councils, to look into the way and the model they are using to tax businesses in Abuja.

“Businesses like this that have sprung up should be encouraged. Instead of taxing them more, you should give them tax incentives to encourage them to employ more people or create more businesses.

“This will help to reduce unemployment. So we should be talking to them to make sure that they don’t double-tax these small, young businesses that are springing up,” he said.

Also speaking, Rep. Ikenga Ugochinyere, representing Ideato Federal Constituency, said that the Tax Reform Bills, when passed, would give strong encouragement to small businesses.

Ugochinyere said that they would also ensure that the tax pressure was moved to big businesses, thus limiting the impacts on small businesses.

On her part, Rep. Chinwe Nnabuife, representing Orumba North/South Federal Constituency, called for more public/private partnerships to tackle unemployment in the country.

Nnabuife also called for youth empowerment, saying that it would tackle restiveness and agitations.

“When you empower somebody, you are giving the person the go-ahead to explore and to be self-sufficient,” she said.

Similarly, Rep. Mohammed Jamilu, representing Faskari/Kankara/Sabuwa Federal Constituency, called for collaborative efforts to tackle unemployment in the country.

“Relevant players in the private sector should partner with the government to address unemployment and ensure youth empowerment in order to curb insecurity and other social vices in the society.

Earlier, Mrs Nancy Irole, the Chief Executive Officer of the centre, said that seeing the Spa unveiled was ‘a dream come true’.

“Dreamskin Luxe Empire isn’t just a spa or a beauty lounge. It’s a place designed for Nigerians to check their wellness as they go about their normal businesses.

“It is a space where beauty, wellness and self-care come together to create an experience that leaves you feeling refreshed, confident and completely at ease,” Irole said. (NAN)

Edited by Florence Onuegbu and ‘Wale Sadeeq

Economic competitiveness: FG strengthening access to finance, digital innovation – Minister

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By Lucy Ogalue

The Federal Government is intensifying efforts to enhance industrial expansion, ease access to funding and drive digital innovation to boost Nigeria’s economic competitiveness.

The Minister of State for Industry, Trade, and Investment, Sen. John Enoh, said during the 2025 Renewed Hope Global Virtual Conference on Sunday.

Enoh highlighted ongoing efforts to improve export processing zones, enhance loan accessibility, and establish an industrial revolution task force.

Addressing concerns about challenges faced by small businesses in securing loans, the minister reaffirmed the government’s commitment to easing financial access through the Bank of Industry (BOI).

“The BOI is one of our best-performing institutions, but I recognise the difficulties many small businesses face in meeting loan requirements, especially when dealing with commercial banks,” he said.

Enoh revealed ongoing discussions with the BOI to streamline loan access processes.

He also revealed an impending partnership with First City Monument Bank (FCMB) to facilitate loan disbursement to micro and small enterprises across the country.

“In the coming weeks, we hope to announce a partnership that will enable thousands of small business owners to access funding more easily,” he added.

The minister acknowledged that while some targets in oil and gas processing zones had not been fully met, the government remained committed to ensuring these zones contributed significantly to Nigeria’s economic growth.

“Even though the goals may not have been met as initially intended, the focus of this administration is to ensure our export processing zones work efficiently and deliver value to the Nigerian people,” he said.

He announced the creation of an Industrial Revolution Work Group, comprising key industry stakeholders, government agencies, and private sector representatives, to drive industrial transformation.

“This workgroup is designed to function as a task force, bringing together agencies such as Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA).

“Nigeria Association of Small and Medium Enterprises (NASME), the Ministry of Power, Finance, and Customs to address industrial challenges collectively,” he said.

He noted that the initiative was currently being fine-tuned, stressing that it would significantly advance Nigeria’s industrial sector, once fully operational.

The minister also highlighted the Investment in Digital and Creative Enterprises (iDICE) initiative, domiciled in the BOI, as part of efforts to support Nigeria’s youth-driven digital and creative economy.

“iDICE is a 700 million dollar initiative backed by partners such as Afreximbank, the Islamic Development Bank, and a French financial institution.

“Its goal is to empower young innovators and creatives, ensuring they have access to funding and support for business expansion.”

He restated the federal government’s commitment to fostering innovation and entrepreneurship to position Nigeria as a global leader in the digital economy. (NAN)

Edited by Oluwafunke Ishola

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