ACCI Seeks Boost in SMEs’ Funding, Better Investment Policies 

James Emejo in Abuja

The President, Abuja Chamber of Commerce and Industry (ACCI), Chief Emeka Obegolu, has called on the administration of President Bola Tinubu, to facilitate improved access to affordable credit for small and medium-sized enterprises (SMEs) through the establishment of programmes that provide financial support, training, and mentorship.

He also advocated policy consistency and predictability by strengthening institutions responsible for formulating and implementing economic policies. 

Obegolu said the measures would inspire investor confidence and protect businesses from sudden and adverse policy changes.

In a statement, he said the business environment in 2023 was plagued by policies which included the high cost of operations resulting from the removal of fuel subsidies, foreign exchange volatility, multiple taxations, epileptic power, insecurity, domestic debts, among others.

He said 2024 has, however, presented the government and stakeholders with an opportunity to address these issues and prioritise the development of business-friendly policies that promote ease of doing business and foster economic growth.

The ACCI president, in his 7- point policy agenda, recommended regulatory reforms to streamline and simplify regulatory processes, reducing unnecessary bureaucracy and duplication of agencies’ functions. 

He said this would eliminate bottlenecks in obtaining permits, licenses, and approvals.

He also called for the simplification of the tax system as well as reduction of the burden of multiple taxation on businesses, adding that this will encourage compliance, increase investment, and stimulate economic growth.

He said the government should also prioritise investment in critical infrastructure, particularly in power, transportation, and telecommunications, to improve productivity, reduce operational costs, and enhance the overall attractiveness of Nigeria as an investment destination.

Among other things, he called for the operationalisation of the Arbitration and Mediation Act,  2023, to ensure that efficient, effective, reliable, and global best practices are deployed in providing dispute resolution services while improving business relations between disputing parties.