Abuja Chamber of Commerce President, Chief Obegolu says MSMEs crucial to Nigeria’s economy, highlights 7-point agenda for robust business growth in 2024

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ACCI President, Chief Emeka Obegolu, SAN

By Anthony Maliki, Abuja

The President of the Abuja Chamber of Commerce and Industry (ACCI), Chief Emeka Obegolu has emphasized the crucial role of Micro, Small, and Medium-scale Enterprises (MSMEs) in Nigeria’s economy.

He also emphasized the importance of enhancing access to finance with a reliable database of enterprises.

Chief Obegolu, SAN, made the remarks in his New Year message on Wednesday evaluating the business challenges of 2023 and hopes for 2024.

The President calls on the FCT Administration and all state governments to harmonize tax policies to prevent pressure on businesses that will lead to avoidable business failures.

According to him, government should give significant attention to improving the ease of doing business in Nigeria, as the country’s current ranking of 131 out of 190 in the latest annual ratings by the World Bank, an indication there is an urgent need for economic stimulation.

Chief Obegolu stressed that 2024 has presented the Government and stakeholders an opportunity to address these issues and prioritize the development of business-friendly policies that promote ease of doing business and foster economic growth.

He spoke about stable power supply saying it is non-negotiable and encourages sub-national entities to participate in power generation, distribution, and transmission.

The President also highlighted the need to bridge infrastructure gaps, particularly in the transportation sector, including railways, to reduce logistics costs.

According to him, 2023 business environment was challenged by policies which include the high cost of operations resulting from the removal of fuel subsidies, foreign exchange volatility, multiple taxations, epileptic power, insecurity and domestic debts among others.

Addressing security challenges, Chief Obegolu commended government’s efforts in tackling insecurity and emphasized the need for continued attention to the mining sector which holds considerable potential for the country’s economic growth.

The President urged Nigerian government to address the overlapping roles of various regulatory agencies.He pointed out that while regulatory oversight is crucial for maintaining standards and ensuring compliance, the current landscape witnesses multiple agencies carrying out similar functions, resulting in bureaucratic bottlenecks and challenges for businesses.

As such, the President noted, redundancies not only stifle innovation but also impede the swift growth of enterprises, especially SMEs that are the backbone of our economy.

He enumerated a 7-point agenda to a better 2024 business environment. They are regulatory reform, taxation, infrastructure development, access to funding, policy consistency and predictability, operationalize the Arbitration and Mediation Act 2023 and security.

Chief Obegolu assured Government of the readiness of the private sector to engage positively and provide strategic support in the implementation of the 7-point agenda and hoped it will contribute to the growth and development of Nigeria’s economy.

He welcomed the promise made by President Bola Tinubu to improve infrastructure, reduce inefficiencies, create jobs and tackle insecurity and assured of ACCI’s support and collaborate towards achieving these goals for the betterment of the nation.