Micro, Small and Medium Enterprises (MSMEs) are hindered by high taxations, the President and Chairman of Council, Chartered Institute of Bankers of Nigeria Uche Olowu, has said.
Olowu noted this on Wednesday in Abuja at a presentation during the 11th Annual Banking and Finance Conference.
He said that “Truly, MSMEs should be the game changer given their potential and expected contribution in an emerging or developing economy.
“However, they are constrained by various factors. Eighty percent maintain that access to finance remains their major challenge. They pay high tax rates of almost 30 percent.
“In addition to lack of finance and high tax regime, they are further burdened by many, and most times, by conflicting and duplicated regulatory and other supervisory and government agencies.
“For instance, to run a restaurant, you must comply with the demands and rules of over 10 agencies from the federal, state and local governments.
“Even though we have made little progress in the global ranking in ease of doing business, the Nigerian business environment still remains very challenging.”