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INDUSTRY: Concerns Over Slow Pace Of Industrialisation Among SMEs

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“The epileptic power situation and high cost of energy especially diesel and gas; the phenomenon of multiple taxation imposed by the three tiers of

government; the challenge of multiple taxation and excessive drive for revenue by agencies of government which imposes a huge burden on our manufacturing industry, especially those who are in the MSME category; there is poor domestic patronage of what is produced locally; paucity of basic industries to support our manufacturing enterprises; policy inconsistency; weak infrastructural base; high cost of fund; among others,” he stressed.

He explained that “if we must promote economic growth and inclusion, we must bring the MSMEs on board. The government needs to put in place the support infrastructure to facilitate the growth of MSMEs. The director-general of Lagos Chamber of Commerce and Industry , Dr. Chinyere Almona noted that the President Bola Tinubu’s eight-point agenda: food security, ending poverty, economic growth, and job creation. Others are improving access to capital, particularly consumer credit, inclusivity in all its dimensions, improving security, improving the playing field on which people and particularly companies operate, the rule of law, and fighting corruption.

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