One of the main problems inhibiting Micro, Small and Medium Sized Enterprises (MSMEs) from paying taxes to the government, according to Dr. Doris Uzoka-Anite, Minister of Industry, Trade and Investment of Nigeria, is the lack of accountability in the use of revenues in the country.
Anite claimed that the government used tax revenue to enhance the local business climate.
The minister said that paying taxes is frightening for many small businesses and MSMEs since they struggle with slim profit margins during his remarks at the 18th Abuja International Trade Fair, which was held by the Abuja Chamber of Commerce and Industry (ACCI).
She asserted, however, that taxation and funding may be extremely important in fostering Nigeria’s new economy, particularly for MSMEs.
“MSMEs are an essential component of our economy and contribute significantly to economic growth and development,” she asserts. Consumer credit reforms are a top priority for me. Consider the potential benefits that accessible finance could have for your company.
She continued by saying that consumer credit would give businesses the money they needed to buy new machinery, hire more employees, or create new goods and services.
The broad and expanding economy of the FCT, according to Nyesom Wike, the Minister of the FCT, is one of the main forces behind its sustainable financing and taxation.
