2024: Simplify taxes, regulatory framework for businesses, ACCI urges FG

The Abuja Chamber of Commerce and Industry (ACCI) has urged the federal government to simplify taxes and overlapping regulatory functions that have led to the closure of many businesses in previous years. The President of the Abuja Chamber of Commerce, Chief Emeka Obegolu, SAN, in a new year statement personally signed by him Wednesday noted […]

The Abuja Chamber of Commerce and Industry (ACCI) has urged the federal government to simplify taxes and overlapping regulatory functions that have led to the closure of many businesses in previous years.

The President of the Abuja Chamber of Commerce, Chief Emeka Obegolu, SAN, in a new year statement personally signed by him Wednesday noted that the business environment in 2023 was challenged by policies, which include the high cost of operations resulting from the removal of fuel subsidies, foreign exchange volatility, multiple taxations, epileptic power, insecurity, domestic debts, etc.

He noted that 2024 has presented the government and stakeholders an opportunity to address these issues and prioritize the development of business-friendly policies that promote ease of doing business and foster economic growth.

According to him, “The FCT Administration and all state governments to harmonise tax policies to prevent pressure on businesses that will lead to avoidable business failures and also give significant attention to improving the ease of doing business in Nigeria, as the country’s current ranking of 131 out of 190 economies according to the latest annual ratings by the World Bank is an indication that there is an urgent need for economic stimulation”.

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Speaking on his 7-point agenda for businesses in 2024, he highlighted the crucial role of Micro, Small, and Medium-scale Enterprises (MSMEs) in Nigeria’s economy. He emphasised the importance of enhancing access to finance with a reliable database of enterprises while adding that a stable power supply is non-negotiable and encourages sub-national entities to participate in power generation, distribution, and transmission.

Chief Obegolu added that there is a need to “Streamline and simplify regulatory processes, reducing unnecessary bureaucracy and duplication of agencies’ functions. This would eliminate bottlenecks in obtaining permits, licenses, and approvals because redundancies not only stifle innovation but also impede the swift growth of enterprises, especially SMEs that are the backbone of our economy.