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Experts seek key policies for MSMEs development
Experts on Monday underscored the need for key policy recommendations for Micro, Small and Medium Enterprises (MSMEs) development to focus on areas of financing, capacity and structure.
They gave the advice at a webinar organised by the Small and Medium Enterprise Group (SMEG) of the Lagos Chamber of Commerce and Industry (LCCI).
The News Agency of Nigeria (NAN) reports that the event’s theme is: “Ensuring SME Growth in a Challenging Economy.”
Mr Yomi Olugbenro, West Africa Tax Leader, Deloitte, stressed that these key areas would increase MSMEs contributions to the country’s Gross Domestic Product (GDP) and spur economy stability and growth.
Olugbenro said that a credible financial system enabled by technology was paramount for funding and operating efficient settlement systems for MSMEs survival in the near future.
He noted that in spite of the various global economic disruptions, Small and Medium Enterprises (SMEs) were expected to survive if only structural development could be established over time.
He also called for improved credit rating systems, expanded credit risks guarantees coverage, and a wider implementation of financing across major markets.
On structure, Olugbenro stressed the need for partnership with business consultants to provide SMEs with technical support and access to markets.
He also called for infrastructure based policies that encompasses efficient power distribution to different industrial clusters.
“We must also build the capacity of entrepreneurs by providing capacity building support services focused on training entrepreneurs on relevant skills.
“The national education standards must be revamped to drive early exposure to entrepreneurship, and improve entrepreneurship education in state owned institution.
“SME loan portfolio must also be diversified following a gender and sector agnostic strategy,” he said.
Dr Peter Bamkole, the Director, Enterprise Development Centre, said that a national survey during the COVID-19 pandemic revealed that 93 per cent of SMEs encountered several challenges which led to some businesses shutting down and downsizing.
He, however, noted that the seven per cent that thrived were businesses that were digitally enabled in their operations from raw materials sourcing to after sales services.
He stressed that henceforth, SMEs must be more collaborative among themselves, and reinvent their business models with operations carried out in a more efficient, innovative and creative manner for profitability.
“A significant number of those in the services sector should think of renewable energy to reduce cost of production.
“SMEs must add more value to their goods and services before exports, connect with SME across the continent to optimise the benefits of the Africa Continental Free Trade Area (AfCFTA),” he said.
Dr Michael Olawale-Cole, President, LCCI, said most recent conversations around the role, challenges, and growth opportunities for MSMEs underscored their importance as the engine of growth of any economy.
Olawale-Cole represented by Dr Chinyere Almona, the Director General, LCCI, noted that United Nations statistics revealed that MSMEs account for 90 per cent of businesses, 65 per cent of employment and 50 per cent of GDP worldwide.
He, however, posited that SMEs were now more than ever in need of support, as they navigate the impacts of the COVID pandemic, insecurity, supply chain disruptions, and the climate crisis.
He stressed that Nigerian policymakers must move beyond recovery and consider ways to lower and eliminate barriers faced by MSMEs, improve the business environment and access to special intervention finance, markets and technology in these fragile times.
He added that government must invest more in export infrastructure to ease the export of goods from Nigeria to the rest of Africa under the African Continental Free Trade Agreement (AfCFTA).
“In recent times, the Nigerian economy has suffered several shocks as a result of rising double-digit inflation rates; tepid growth; high unemployment, and even higher underemployment due to constrained productive activities and others.
“We still believe that these challenges can be fixed with the right mix of fiscal and monetary policies that promote targeted financing for the SME sector and intervention funding for manufacturers.
“The LCCI is also very interested in supporting SMEs in accessing funding opportunities by interfacing with local and international developmental finance institutions on behalf of our members.
“We reiterate our point that SMEs need special intervention funds targeted at supporting production, export capabilities, and building resilient supply chains,” he said.
Headlines
Adamawa Business School Hosts Workshop on New Tax Reform Law
Adamawa Business School Hosts Workshop on New Tax Reform Law
By Ibrahim Abubakar Jimeta
The Adamawa Business School (ABS) has organised a high-level training and sensitisation workshop on the New Tax Reform Law in Nigeria, aimed at enhancing understanding of recent fiscal reforms and strengthening public sector administration in Adamawa State.
The workshop, held in collaboration with the Office of the Head of the Civil Service of Adamawa State and supported by the Federal Inland Revenue Service (FIRS), brought together Permanent Secretaries, senior public servants, tax officials, and policy experts to examine the implications of the new tax framework for governance and fiscal sustainability.
Speaking during the opening session, the Co-Founder of Adamawa Business School, Mallam Jamilu Yusuf, described the workshop as a strategic intervention designed to bridge knowledge gaps and improve policy implementation within Ministries, Departments, and Agencies (MDAs).
Yusuf explained that the engagement was organised under the school’s Public Policy Support Initiative, a non-profit platform that provides research, training, and capacity development support to government institutions. He noted that Nigeria’s evolving tax landscape, driven by Finance Acts, administrative reforms, and digital innovations, requires senior public officials to be well-informed in order to translate policy into effective practice.
According to him, Permanent Secretaries and top civil servants play a crucial role in ensuring compliance and successful implementation of tax reforms at the sub-national level, stressing that inadequate understanding of tax laws often creates implementation challenges that negatively affect citizens and institutions.
He reaffirmed Adamawa Business School’s commitment to supporting the state government through policy-focused learning, dialogue, and partnerships that promote transparency, fiscal sustainability, and improved service delivery.
In his remarks, the Head of the Adamawa State Civil Service, Isa Shehu Ardo, mni, emphasised the importance of equipping senior public servants with a clear understanding of the new tax laws. He noted that Permanent Secretaries, as the most senior career officers in the public service, must fully comprehend the reforms in order to guide implementation and avoid difficulties that often arise from poor information and limited awareness.
Delivering the welcome address on behalf of the Office of the Head of Civil Service, the Permanent Secretary, Establishment and Training, Fabian S. Wambai, commended Adamawa Business School for organising the workshop as part of its corporate social responsibility.
Wambai described the new national tax law as a major reform with far-reaching implications for public finance, compliance, and economic stability. He said the workshop provided a valuable opportunity for Permanent Secretaries, as accounting officers and senior administrators, to deepen their understanding of the law and its impact on government operations and engagements with the private sector.
He urged participants to actively engage in discussions, interact with resource persons, and leverage the knowledge gained to strengthen institutional compliance, improve advisory roles to political leadership, and promote transparent and accountable governance.
The workshop featured sessions led by experienced tax professionals, focusing on the provisions of the new tax reform law, its implications for public financial management, and strategies for effective collaboration between federal and state institutions.
Participants expressed optimism that the training would enhance policy implementation, reduce administrative challenges, and contribute to a more efficient and fiscally informed public service in Adamawa State.
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Noble Ladies Champion Women’s Financial Independence at Grand Inauguration in Abuja
Women from diverse backgrounds across Nigeria and beyond gathered at the Art and Culture Auditorium, Abuja, for the inauguration and convention of the Noble Ladies Association. The event, led by the association’s Founder and “visionary and polished Queen Mother,” Mrs. Margaret Chigozie Mkpuma, was a colourful display of feminine elegance, empowerment, and ambition.
The highly anticipated gathering, attended by over 700 members and counting, reflected the association’s mission to help women realise their potential while shifting mindsets away from dependency and over-glamorization of the ‘white collar job.’ According to the group, progress can be better achieved through innovation and creativity. “When a woman is able to earn and blossom on her own she has no reason to look at herself as a second fiddle,” the association stated.
One of the association’s standout initiatives is its women-only investment platform, which currently offers a minimum entry of ₦100,000 with a return of ₦130,000 over 30 days—an interest rate of 30 percent. Some members invest as much as ₦1 million, enjoying the same return rate. Mrs. Mkpuma explained that the scheme focuses on women because “women bear the greater brunt of poverty” and the platform seeks “to offer equity in the absence of economic equality.”
Education is also central to the Noble Ladies’ mission, regardless of age. Their mantra, “start again from where you stopped,” encourages women to return to school or upgrade their skills at any stage in life. The association believes that financial stability is vital in protecting women from cultural practices that dispossess widows of their late husbands’ assets, while also enabling them to raise morally and socially grounded families.
Founded on the vision of enhancing women’s skills and achieving financial stability, the association rests on a value system that discourages pity and promotes purpose. “You have a purpose and you build on that purpose to achieve great potentials and emancipation,” Mrs. Mkpuma said.
A criminologist by training and entrepreneur by practice, she cautions against idleness while waiting for formal employment. “There are billions in the informal and non-formal sectors waiting to be made,” she said, rejecting the “new normal of begging” and urging people to “be more introspective to find their purpose in life and hold on to it.”
Mrs. Mkpuma’s management style keeps members actively engaged, focusing on vocational skills and training to prepare them for competitive markets. She is exploring “innovative integration of uncommon technologies” and is already in talks with international franchises to invest in Nigeria, with Noble Ladies as first beneficiaries.
The association’s core values include mutual respect, innovation, forward-thinking, equal opportunity, and financial emancipation. With plans underway to establish a secretariat in the heart of Abuja, the group aims to expand its impact.
The event drew high-profile guests, including former Inspector General of Police, Mike Okiro, and a host of VIPs, marking a significant milestone in the association’s drive for women’s empowerment.
Headlines
NEPZA, FCT agree to create world-class FTZ environment
The Nigeria Export Processing Zones Authority (NEPZA) has stepped in to resolve the dispute between the Federal Capital Territory Administration and the Abuja Technology Village (ATV), a licensed Free Trade Zone, over the potential revocation of the zone’s land title.
Dr. Olufemi Ogunyemi, the Managing Director of NEPZA, urged ATV operators and investors to withdraw the lawsuit filed against the FCT administration immediately to facilitate a roundtable negotiation.
Dr. Ogunyemi delivered the charge during a courtesy visit to the Minister of the Federal Capital Territory, Barrister Nyesom Wike, on Thursday in Abuja.
You will recall that the ATV operators responded to the revocation notice issued by the FCT administration with a lawsuit.
Dr. Ogunyemi stated that the continued support for the growth of the Free Trade Zones Scheme would benefit the nation’s economy and the FCT’s development, emphasizing that the FCT administration recognized the scheme’s potential to accelerate industrialisation.
Dr. Ogunyemi, also the Chief Executive Officer of NEPZA, expressed his delight at the steps taken by the FCT minister to expand the economic frontier of the FCT through the proposed Abuja City Walk (ACW) project.
Dr. Ogunyemi further explained that the Authority was preparing to assess all the 63 licensed Free Trade Zones across the country with the view to vetting their functionality and contributions to the nation’s Foreign Direct Investment and export drives.
“I have come to discuss with His Excellency, the Minister of the Federal Capital Territory on the importance of supporting the ATV to succeed while also promoting the development of the Abuja City Walk project. We must work together to achieve this for the good of our nation,” he said.
On his part, the FCT Minister reiterated his unflinching determination to work towards President Bola Ahmed Tinubu’s Renewed Hope Agenda by bringing FDI to the FCT.
“We must fulfil Mr. President’s promises regarding industrialization, trade, and investment. In this context, the FCT will collaborate with NEPZA to review the future of ATV, a zone that was sponsored and supported by the FCT administration,” Wike said.
Barrister Wike also said that efforts were underway to fast-track the industrialisation process of the territory with the construction of the Abuja City Walk.
The minister further said the Abuja City Walk project was planned to cover over 200 hectares in the Abuja Technology Village corridor along Airport Road.
According to him, the business ecosystem aimed to create a lively, mixed-use urban center with residential, commercial, retail, hospitality, medical, and institutional facilities.
He added that the ACW would turn out to be a high-definition and world-class project that would give this administration’s Renewed Hope Agenda true meaning in the North-Central Region of the country.
Barrister Wike also indicated his continued pursuit of land and property owners who failed to fulfil their obligations to the FCT in his determination to develop the territory.
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