Kosofe Economic Dialogue: CPPE, LCCI, KCCI, others call for SME Policy Reforms

In a bid to address the challenges faced by Nigeria’s Micro, Small, and Medium Enterprises (MSMEs), industry leaders have called for tax reforms and enhanced government support at the Kosofe Economic Dialogue 2024.

The Kosofe Economic Dialogue 2024, themed “SME Sustainability and Innovation – Bridging the Gap,” took place on Thursday at the Fish Farm in Ogudu, Lagos.

The event served as a platform for discussing economic trends, challenges, and opportunities, with a focus on the role of Micro, Small, and Medium Enterprises (MSMEs) in driving Nigeria’s economic growth.

Dr. Muda Yusuf, Founder and CEO of the Centre for the Promotion of Private Enterprise (CPPE), addressed pressing issues in the commerce and industry sector.

He called on the Federal Government to exempt MSMEs with an annual turnover below N100 million from corporate and Value Added Tax (VAT), stressing the need to tackle the problem of multiple taxes imposed on small businesses.

“One of the challenges we face is that our economic policies are leaving too many people behind. We need to connect with the grassroots, address infrastructural shortcomings, and combat unfair competition from imported goods,” Yusuf said.

He also warned that without significant reform, many manufacturing facilities may be repurposed into supermarkets and cinemas, eroding the industrial base of Nigeria.

Joe Femi-Dagunro, Founder and President of the Kosofe Chamber of Commerce and Industry (KCCI), echoed these concerns, stressing the untapped potential of SMEs to drive Nigeria’s industrialization.

He called for stronger collaboration between the private and public sectors to foster policies that support grassroots economic development.

“SMEs are essential for creating jobs, increasing tax revenue, and grooming future leaders. It is vital to develop our grassroots economic policies, and ensure that they are planned and executed in a way that empowers SMEs,” Femi-Dagunro said.

Notable attendees included Gabriel Idahosa, President of the Lagos Chamber of Commerce and Industry (LCCI), Barrister Moyosore Ogunlewe, Executive Chairman of Kosofe Local Government, and Mr. Anthony Alaegor, State Manager of the Bank of Industry.

Representatives from various industries, including Honeyland Group of Schools and Lam Agro Consult Limited, also participated.

Idahosa stressed the importance of businesses organizing themselves in clusters to give them a collective voice when engaging with government entities and donor agencies.

“This collective voice enables businesses to tackle challenges they cannot address individually, whether it is dealing with regulatory issues or accessing international funding,” he said.

The event revealed the huge role of SMEs in Nigeria’s economic framework, with speakers advocating for reforms to alleviate the tax burden and improve access to financing. The dialogue also highlighted the urgent need for policies that foster innovation and competitiveness in the sector.

Lagos State officials, including Folashade Ambrose-Medebem, Commissioner for Commerce, Cooperatives, Trade, and Investment, represented by Sule Abolore, commended the KCCI for its continued efforts to drive economic growth through the promotion of SMEs.

Barrister Moyosore Ogunlewe, Executive Chairman of Kosofe Local Government, lauded the dialogue’s focus on SME sustainability, stating, “SMEs are not just participants in the economy; they are the foundation of it. They are also the engines of growth as they determine the source of employment of our population. Our task is to bridge the gap between the potential of our SMEs and the realization of that potential.”

News Credit: PM News