Dr Doris Uzoka-Anite, Minister of Industry, Trade, and Investment, has identified one of the primary challenges inhibiting Micro, Small, and Medium-Sized Enterprises (MSMEs) from paying taxes to the government as a lack of accountability in the use of taxes in Nigeria.
According to Anite, the government used the taxes collected to strengthen the local business environment.
Speaking at the 18th Abuja International Trade Fair, organized by the Abuja Chamber of Commerce and Industry (ACCI), the minister claimed that many small enterprises and MSMEs find it difficult to pay taxes due to low profit margins.
She did, however, say that funding and taxation might be critical in establishing a new economy in Nigeria, particularly for MSMEs.
According to her,
“MSMEs are an essential part of our economy and contribute significantly to economic growth and development. A key focus for me is consumer credit reforms. Imagine what access to affordable credit could do for your businesses.”
She went on to say that consumer credit would provide firms with the funds they needed to invest in new equipment, hire more employees, or develop new products and services.
The FCT Minister, Nyesom Wike, emphasized that one of the primary drivers of sustainable funding and taxation in the FCT was the territory’s diverse and developing economy.