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ACCI calls for synergy in support for MSMEs

Display at the 2019 Abuja international trade fair. Photo: ACCI

The Abuja Chamber of Commerce and Industry (ACCI) has called on the Federal Government and stakeholders in business sectors to synergise efforts in empowering and supporting the Micro, Small and Medium Enterprises (MSMEs) for a sustainable future. 

The President of the Chamber, Dr Al-Mujtaba Abubakarade made the call in a message to mark the 2023 World MSME Day with the theme, “Empowering MSMEs for a Sustainable Future” with a sub-theme, “Building a Stronger Future Together.” 

MSME Day celebration is geared towards promoting various business initiatives, encouraging innovation and development of new products and services, promoting regional development, and create market opportunities in the domestic and global markets.

Dr Abubakarade described the MSME sector as the future of any growing economy.

”Multiple taxations, inadequate working capital, stiff competition from larger companies, difficulties in sourcing raw materials, low-capacity utilization, lack of management strategies, poor educational background of operators and huge financial problems” are among the numerous problems faced by SMEs in Nigeria, he explained. 

To solve these problems, Dr Abubakar suggested harmonization of taxes, streamlining of revenue agencies and synergy among the three tiers of government.

He also suggested the compulsory registration of businesses with any accredited Chamber of Commerce to further ease business access to finance.

Writing by Victoria Chimezie; Editong by Annabel Nwachukwu