OPINION

Small businesses are engine of growth in Nigeria’s economy – Osinbajo

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t is not mere rhetoric that small businesses are the engine of growth in Nigeria’s economy. The Federal Government recognises this and is committed to creating an environment for these businesses to thrive.
Nothing lends more credence to this than the Finance Act of 2020 that introduces a wide range of tax incentives for small businesses.
The MSME Clinics provide a two-way opportunity. The FG regulatory agencies share business procedures and requirements while MSMEs are also expected to use the opportunity to share challenges that they face and look for possible solutions alongside the regulatory agencies.
To additionally aid MSMEs, the Federal Government will invest in Shared Facilities. It is a facility that allows clusters of businesses come together to share expensive machines provided by the government.
These clusters will be pre-certified by relevant agencies and MSMEs who become members of the shared facilities won’t have to go through the process of registration again.
Prof Yemi Osinbajo, SAN,
Vice President,
Federal Republic of Nigeria.

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