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Experts seek key policies for MSMEs development

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Experts on Monday underscored the need for key policy recommendations for Micro, Small and Medium Enterprises (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.

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China Introduces Instant Tax Refunds for Foreign Tourists to Boost Shopping Experience

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China Introduces Instant Tax Refunds for Foreign Tourists to Boost Shopping Experience

China has revamped its tax refund policy for foreign tourists, shifting from a refund-upon-departure model to a more convenient refund-upon-purchase system, according to the State Taxation Administration (STA).

The STA announced on Tuesday that under the new system, foreign visitors can now claim Value Added Tax (VAT) rebates instantly at designated tax-free stores. This change allows tourists to use their refunded amount immediately for additional shopping, enhancing their overall experience in China.

Previously, VAT rebates could only be withdrawn upon departure, but with the new policy, tourists will be able to access their refunds in real-time during their stay. The policy, which was initially tested in cities like Shanghai, Beijing, and Guangdong, has now passed all operational requirements and will be rolled out nationwide.

The STA emphasized its dedication to improving policy guidance and simplifying refund procedures to better serve international visitors.

Li Xuhong, Vice-President and Professor at the Beijing National Accounting Institute, welcomed the change, stating that the nationwide implementation would raise China’s tourism service standards. “It will foster a friendly, efficient, and convenient tourism environment,” Xuhong added.

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Nigeria Reaffirms Commitment to One-China Policy Amid Taiwan’s Trade Office Claims

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Nigeria Reaffirms Commitment to One-China Policy Amid Taiwan's Trade Office Claims

Rep. Jaafaru Yakubu, Chairman of the House of Representatives Committee on China-Nigeria Parliamentary Relations, has reiterated Nigeria’s firm commitment to the One-China Policy, following recent comments by Taiwan’s Trade Mission Head in Nigeria, Andy Yih-Ping Liu.

Speaking in Abuja on Tuesday, Yakubu firmly declared that Nigeria continues to recognize Taiwan as an integral part of the People’s Republic of China. He rejected Liu’s claim that Taiwan was not part of China, labelling it as “propaganda” aimed at undermining the strong diplomatic ties between Nigeria and China.

“For the record, United Nations General Assembly Resolution 2758, adopted in 1971, recognised the People’s Republic of China as the sole legitimate representative of all of China, including Taiwan,” Yakubu stated. “The One-China Policy remains the cornerstone of China-Nigeria relations.”

He emphasized that since Nigeria and China established diplomatic ties in 1971, the country has consistently upheld this principle. “Efforts by Taiwan’s trade office to challenge this stance are futile and will not succeed,” Yakubu added.

Yakubu criticized Liu’s comments as an attempt to draw Nigeria into China’s internal matters, accusing the Taiwanese official of deliberately sowing discord and provoking a diplomatic rift. “Nigeria’s relationship with China is built on mutual respect and non-interference in each other’s political matters,” he said.

In response to Liu’s claim that China acted as a bully, Yakubu pointed to the positive trajectory of Nigeria-China relations. “Contrary to these baseless assertions, Nigeria has enjoyed a mutually beneficial partnership with China, yielding tangible results for both nations. Since 1971, our ties have grown significantly.”

He highlighted the strategic nature of the partnership, referencing the elevation of the relationship to a Comprehensive Strategic Partnership during the 2024 FOCAC Summit in Beijing. “Today, Nigeria stands as China’s second-largest trading partner in Africa, with bilateral trade surpassing 20 billion dollars,” Yakubu noted.

Furthermore, Yakubu praised China’s role in Nigeria’s infrastructural development, with investments in sectors such as rail networks, roads, ports, power stations, and water treatment facilities.

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Shettima Warns Media Against Romanticising National Challenges

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Shettima Warns Media Against Romanticising National Challenges

Vice President Kashim Shettima has cautioned Nigerian media practitioners against the growing tendency to romanticise serious national issues, describing the trend as a dangerous departure from the media’s constitutional duty of promoting truth and accountability.

Represented by his Special Adviser on Special Duties, Modibbo Umar, the Vice President issued the warning on Tuesday while delivering a speech at the 17th LEADERSHIP Conference and Awards held at the Old Banquet Hall of the State House, Abuja.

“We must resist the temptation to romanticise serious national issues or frame them in ways that distort public understanding,” Shettima said. “Doing so only weakens the fabric of our democracy and derails our collective efforts at nation-building.”

The Vice President’s remarks came as stakeholders in governance, business, and civil society gathered to reflect on the theme of the event, “Challenges and Opportunities in Nigeria’s Fiscal Federalism.” The conference provided a platform for thoughtful engagement on some of the country’s most pressing issues, with a focus on the responsibilities of leadership at all levels.

Shettima also used the occasion to commend LEADERSHIP Newspapers Group for its consistent contributions to national discourse and its commitment to celebrating excellence in leadership.

“I commend LEADERSHIP Newspaper for the vision to convene this vital discourse and for shining the light on those who have chosen to lead with courage and competence. May we never tire of striving for a better Nigeria,” he said.

The annual LEADERSHIP Conference and Awards continues to be a major event that brings together influential voices to deliberate on national progress and honour individuals and institutions making meaningful impact in society.

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