BoI, Operators Seek Separate Tax Regime for SMEs

• BoI, Operators Seek Separate Tax Regime for SMEs

Operators in the Micro, Small and Medium Enterprise sector of the Nigerian economy have called on the present administration to prioritise initiatives aimed at the MSME development and provide a separate tax regime for the sub sector of the Nigerian economy.

The operators also recommended that about 10 per cent of public procurement should be handled by small businesses to aid their growth.

Along with the operators, Nigeria’s development finance institution, the Bank of Industry, indicated its readiness to work on developing innovative products and services to support the MSME operations in the country.

It said that promoting the growth of small businesses in the country was the fastest way to transform and achieve rapid industrial growth and development.

The Regional Head, Lagos Region, BoI, AkinsolaAdetokunbo, gave this indication during the bank’s customers’ engagement forum, tagged ‘Growing MSMEs in Lagos and Ogun states: The challenges and prospects’.

He stressed that all hands must be on deck to see the dreams of small business owners come to true by supporting and empowering them with the requisite skills and financial resources needed to survive the operating environment in Nigeria.