Following the numerous challenges that Small and Medium Enterprises (SME) are confronted with, business stakeholders in Nigeria has offered practical solutions that can improve activities in the sector.

This was contained in a communiqué that was made available to Financial Edge in Lagos, and issued at the end of the first Abuja SME Conference and Exhibition, organised by the Abuja Chamber of Commerce and Industry (ACCI).

Some of the identified challenges confronting SME in Nigeria include, unfriendly banking regulations like high interest rates, which most often discourages MSMEs from seeking loan facilities from commercial banks.

Lack of enabling environment for MSMEs bearing in mind that Ease of Doing Business is not about business registration with the Corporate Affairs Commission (CAC).

Others are lack of incentives and palliative to support MSMEs growth and policy inconsistency from regulatory agencies disincentivises MSMEs. For instance, regular increment in energy tariff without prior notice is affecting MSMEs and outdated tax regime.

Going forward, participants agreed that some of the solutions includes access to finance which should be seamless, with loans made available to MSMEs at a single digit interest rate.

Harmonisation of business laws within the Economic Community of West African States (ECOWAS) region in order to bring conformity into the different systems of business regulation in the region in order to make the laws uniform, simple, complete, and common. Presidential Executive Order to harmonise taxation for MSMEs and provide an enabling environment for businesses to thrive.

The conference with the Theme “Solution Strategies for Resolving Tax, Regulatory, Packaging and Logistics Challenges Facing SMEs In Nigeria” was declared open by Vice President of the Federal Republic of Nigeria Prof. Yemi Osinbajo,, represented by the Honourable Minister of State, Industry, Trade and Investment, Amb. Maryam Yalwaji Katagum.