Top Nigerian officials, including the senior assistant to the president, Office of the Vice President on MSME and Job Creations, Temitola Adekunle-Johnson, Governor Dikko Umaru Radda of Katsina State, and executive chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji, have praised the resilience of Nigerian micro, small, and medium enterprises (MSMEs) in propelling the nation’s economy amidst evolving policies and regulations.
They disclosed this at the Inaugural MSME Finance Awards convened by The Economic Forum Series ® in partnership with Nairametrics and DiGiComm Enterprise, held in Lagos recently.
Temitola Afekunle-Johnson in his goodwill message lauded the organisers for the recognition of him and other MSME champions within the public and private sector. He reiterated the commitment of the Federal Government to supporting the course of MSMEs in Nigeria. Making a case for single-digit interest rates for MSMEs in the country, the Senior Special Assistant to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson, said the country must find ways to achieve it.
“That’s what excites me. I think the day we get to a point where we’re giving out loans at seven per cent in this country, then I will say to God that my being involved in government for almost 10 years now is really worth it. That’s what we need to get. Thank you very much for putting this together,” he said.
Speaking at the event the Katsina Governor, Dikko Umaru Radda, who was represented by his Technical Assistant on Enterprise Development, Dr. Babangida Kabir Ruma, said as a government they recognised the significant role played by MSME.
His words: “Today, we celebrate not only the outstanding achievements of our micro, small, and medium enterprises but also the resilience, innovation, and dedication that fuel Nigeria’s economic engine.“In Katsina State, we recognize the vital role MSMEs play in fostering economic growth, job creation, and social stability. Our government is committed to providing a supportive ecosystem through policies, infrastructure, and capacity-building initiatives that empower entrepreneurs to thrive.“Programs like this award inspire us to continue expanding opportunities for businesses to grow, adapt, and compete in both national and global markets.”
He praised the enterprise spirit of Nigerian MSMEs in driving the nation forward despite the huge challenges they faced.
“The challenges you face are significant, but your unwavering determination and creativity ensure that the future is bright for MSMEs in Nigeria,” the governor said.
Delivering his keynote speech, Adedeji said the theme, ‘Unlocking MSME’s Potential Impact on Tax Revenue Growth in a Changing Policy & Regulatory Environment,’ resonates deeply with the nation’s collective vision for a prosperous future. The Chairman of the Joint Tax Board (JTB), noted that in a rapidly evolving policy and regulatory environment, the challenges MSMEs face are manifold.
Represented by his SA on Communication and Advocacy, Collins Omakaro, Adedeji explained that the federal government was focused on creating an environment that enabled MSMEs by providing tax relief and exemptions.
“The federal government, through FIRS, has introduced reforms to reduce the financial burden on MSMEs. Small businesses, as classified under the Company Income Tax Act, are exempt from companies income tax and are also exempt from the obligation to collect value-added tax,” the FIRS boss said.
He noted that the government’s tax policies were designed to support MSMEs by reducing the complexity of tax compliance, encouraging greater participation in the formal economy, and ensuring that more businesses benefit from tax incentives.
He also revealed that FIRS was considering proposals to further raise the threshold for tax exemptions to bring more MSMEs into the fold.
Earlier the convener of the Economic Forum Series, Jude Ndu, said the awards provide the platform to celebrate MSMEs in the country. According to him, “They drive growth, job creation, innovation, but yet they face significant challenges, and one of them happens to be the access to finance. Not just finance, but markets and resources.
“They face significant challenges in accessing finances, and with this award, we strongly believe that the opportunity to create a platform to grow the MSME ecosystem is just at the right time.”.
The MSME Finance Awards, which celebrated excellence in MSME finance, underscored the role MSMEs play in the Nigerian economy.
The chief executive officer of Nairametrics, Ugochukwu Obi-Chukwu, said, “MSMEs are the backbone of the Nigerian economy, employing over 80 percent of the workforce and driving innovation across various sectors. It is crucial that we continue to support this sector through policies, incentives, and collaboration between the private and public sectors.”
At the event, several organisations were recognized for their contributions to the MSME sector during the awards ceremony. Sterling Bank was named MSME Bank of the Year for its innovative financial services tailored to small businesses and its partnership with SMEDAN.
VFD emerged as the MSME Microfinance Bank of the Year for its innovative solutions in the microfinance space.
E-Tranzact was recognized as the best in payment security, data protection, and fraud prevention.
Meanwhile, Mastercard won the award for Best in MSME Fintech Payment and Financial Inclusion, acknowledging its efforts in expanding access to financial services for small businesses.
In his closing remark, Ukaobisike Uzoije, CEO of DiGiComm Enterprise, urged continued advocacy for MSME growth, innovation, and financial inclusion to create a supportive ecosystem for MSMEs to thrive and drive economic prosperity. “Tonight, we celebrated the achievements of our finalists and winners and recognized the impact of their work in supporting MSMEs in Nigeria. We also acknowledged the challenges that lie ahead and the collective efforts required to address them. Let us take the inspiration and momentum from this event to continue advocating for MSME growth, innovation, and financial inclusion. Together, we can create a more supportive ecosystem for MSMEs to thrive and drive economic prosperity” he said.
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