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By Adewale Sanyaolu
In order to grow the Small and Medium Enterprises (SMEs) sector, stakeholders have urged the present administration to provide a separate tax regime for the SMEs sub-sector in the country.
The stakeholders stated this at the Bank of Industry (BoI) customers’ engagement forum tagged, “Growing MSMEs in Lagos and Ogun States: The Challenges and Prospects”.
The stakeholders, while calling for a tax regime that would support MSMEs, equally canvassed for an integration of the sector into the value chain, while recommending that about 10 per cent of public procurement should be handled by such businesses to aid their growth.
They said the present administration should prioritise developmental initiatives towards Micro, Small and Medium Enterprise (MSME) development by improving the ease of doing business.
The bank also restated its commitments to work on developing innovative products and services to support MSMEs’ operations in the country, noting that promoting the growth of small businesses in the country is the fastest way to transform and achieve rapid industrial growth and development.
The Managing Director of Wholistic Business Solution Limited, Mrs. Lanre Oniyitan, who also doubles as a Business Development Service Provider (BDSP), added that MSMEs are not growing as fast they should, as she stressed the need to deepen their quality, density and increase their turnaround time.
