Gov Radda, FIRS Boss, Others Laud Resilient Spirit of Nigerian MSMEs Amidst Evolving Policy, Regulatory Environment

Oluchi Chibuzor

Governor Dikko Umaru Radda of Katsina State and the Executive Chairman, Federal Inland Revenue Service, Dr. Zacch Adedeji, have praised the resilient spirit of Nigerian micro, small, and medium enterprises (MSMEs) in driving the nation’s economy despite rapidly evolving policy and regulatory environment.

They disclosed this at the Inaugural MSME Finance Awards convened by The Economic Forum Series ® in partnership with Nairametrics and DiGiComm Enterprise, held in Lagos recently.
Speaking at the event the Katsina Governor, Dikko Umaru Radda, who was represented by his Technical Assistant on Enterprise Development, Dr. Babangida Kabir Ruma, said as a government they recognised the significant role played by MSME.

His words: “Today, we celebrate not only the outstanding achievements of our micro, small, and medium enterprises but also the resilience, innovation, and dedication that fuel Nigeria’s economic engine.
“In Katsina State, we recognize the vital role MSMEs play in fostering economic growth, job creation, and social stability. Our government is committed to providing a supportive ecosystem through policies, infrastructure, and capacity-building initiatives that empower entrepreneurs to thrive.
“Programs like this award inspire us to continue expanding opportunities for businesses to grow, adapt, and compete in both national and global markets.”

He praised the enterprise spirit of Nigerian MSMEs in driving the nation forward despite the huge challenges they faced.
“The challenges you face are significant, but your unwavering determination and creativity ensure that the future is bright for MSMEs in Nigeria,” the governor said.
Delivering his key note speech, Adedeji said the theme, ‘Unlocking MSME’s Potential Impact on Tax Revenue Growth in a Changing Policy & Regulatory Environment,’ resonates deeply with the nation’s collective vision for a prosperous future.  
The Chairman, Joint Tax Board (JTB), noted that in a rapidly evolving policy and regulatory environment, the challenges MSMEs face are manifold.

Represented by his SA on Communication and Advocacy, Collins Omakaro, Adedeji highlighted the challenges to include, access to finance, regulatory compliance burdens, and the need for technological adaptation.
“Yet, amidst these challenges lies an incredible opportunity for MSMEs to not only grow but also significantly contribute to our national tax revenue,” he noted.
But however, the President, Commonwealth Association of Tax Administrators (CATA), stressed that the Nigerian government is acutely aware of the immense contributions that MSMEs make to economy.

According to him, “They are not only pivotal in job creation but also serve as engines of innovation and growth. Recognizing this, companies classified as small businesses under the Companies Income Tax Act are exempt from Companies Income Tax, and also exempt from the obligation to collect Value Added Tax (VAT). This policy framework is designed to lighten their financial burden and encourage compliance.
“Moreover, I am pleased to inform you that there is an ongoing proposal to increase the threshold for these exemptions, enabling even more MSMEs to benefit from these vital incentives. We anticipate that this proposal will soon be passed by the National Assembly.”
Earlier the convener of the Economic Forum Series, Jude Ndu, said the awards provides the platform to celebrate MSMEs in the country.
According to him, “They drive growth, job creation, innovation, but yet they face significant challenges, and one of them happens to be the access to finance. Not just finance, but including markets and resources.

“They face significant challenges in accessing finances, and with this award, we strongly believe that the opportunity to create a platform to grow the MSME ecosystem is just at the right time.”
Making case for a single digit interest rates for MSMEs in the country, the Senior Special Assistant to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson, said the country must find ways to achieve it.

“That’s what excites me. I think the day we get to a point where we’re giving out loans at 7 percent in this country, then I will say to God that my being involved in government for almost 10 years now is really worth it. That’s what we need to get. Thank you very much for putting this together,” he said.