The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, has identified the lack of accountability in the utilization of taxes in Nigeria as a major factor hindering micro, small, and medium-sized enterprises (MSMEs) from fulfilling their tax obligations to the government.
During the 18th Abuja International Trade Fair organized by the Abuja Chamber of Commerce and Industry (ACCI), Dr Uzoka-Anite emphasized that taxes received by the government are meant to enhance the local business environment and foster economic development.
She further acknowledged that many small businesses and MSMEs find it challenging to pay taxes due to their narrow profit margins, which makes the financial burden seem overwhelming. However, Dr Uzoka-Anite highlighted the potential of financing and taxation in driving a new economy in Nigeria, especially for MSMEs.
In her words, “MSMEs are a vital part of our economy and play a significant role in promoting economic growth and development. One of my primary focus areas is implementing consumer credit reforms. Imagine the possibilities that access to affordable credit can unlock for your businesses.”
The minister went on to explain that consumer credit would provide businesses with the necessary financial resources to invest in new equipment, hire additional staff, and develop innovative products and services.
Adding to the discourse, the Minister of the Federal Capital Territory (FCT), Nyesom Wike, highlighted the diverse and expanding economy of the territory as a key driver of sustainable financing and taxation in the region.
