Stakeholders in the Small and Medium-Scale Enterprises segment of the economy have lamented that lack of adequate power supply and multiple taxes are major issues strangling the growth of SMEs in Nigeria.
The stakeholders identified SMEs as key drivers of the economy in Nigeria while calling on the government to do more in areas of providing basic amenities such as electricity.
They spoke at a media interaction with the executive members of the Nigerian Association of Small and Medium Enterprises, ahead of its 25th-anniversary lecture and awards night scheduled to hold in Uyo in November.
Speaking during the press briefing, The PUNCH reports that, the President and Chairman of Governing Council, the Nigerian Association of Small and Medium Enterprises, Dr. Abdulrashid Yerima, said despite all the challenges plaguing the economy, SMEs remain the bedrock of Nigeria’s Gross Domestic Product.
He said, “MSMEs’ development is of critical importance to productivity and realisation of the country’s economic diversification. We can increase our GDP today as we are all aware and it accounts for 94 per cent of global businesses. And it also accounts for 85 per cent of global employment.
“MSMEs is indeed the most important determinant of social, economic growth, wealth, creation, employment generation and overall include standard of living.”
The Deputy President South, Nigerian Association of Small and Medium Enterprises, Otunba Gbemisola Oduntan, while reacting to the recent flooding on SMEs in Nigeria, observed that nothing had been done by the authority for those whose farm produces had been destroyed by the flooding.
She said “Everybody is aware that there are lots of flooding and we know that it is going to affect the food basket of Nigeria. We know it’s going to affect food security.”
Oduntan also emphasised the need for government to scale down the current tax system where different agencies end up levying small business owners on almost everything.