It 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, Prof Yemi osinbajo, the Vice president of Nigeria said in an occasion he graced today in Ebonyi state.
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, Prof Yemi Osinbajo further stated.
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. We have heard some of the challenges that MSMEs experience and I assure you that we will take great pains to ensure that all issues affecting MSMEs including "overzealousness" of govt. officials, are addressed comprehensively in order to foster growth & deepen economic inclusion, Prof Yemi Osinbajo tweeted.
The federal government will also strive to ensure that MSMEs stay informed of how Federal Government agencies can play an enabling role in advancing their businesses. A few of those ways are listed below.
I am once again impressed by the entrepreneurial spirit of the Nigerian people. I saw first hand the quality of the amazing products of the MSMEs in Ebonyi State. I have no doubt your businesses will all prosper, Prof Yemi Osinbajo submitted.
This is a great development from the federal government, small scale business are the rudiments of Nigeria economy, hence they will like this development and directly or indirectly, Osinbajo has recorded his name in the heart of the people and when he openly come out for who he want to support in 2023 as President which will definitely be his boss and his party, Asiwaju Bola Ahmed Tinubu and APC respectively. He will record a great number of followers from the east, especially the Ebonyi state he visited which will boost Tinubu Chances of winning of Osinbajo come open for him