Poor market access, funding, multiple taxation, stunt MSMEs

Lack of access to market, multiple taxation and funding have been identified as some of the major challenges hindering the growth of MSMEs in the FCT. This was highlighted by Lead Consultant, Ekaville Consulting, Mrs Ekaette Umoh, who was the keynote speaker at the 7th edition of Business 360 organised by the Abuja Enterprise Agency […]

Lack of access to market, multiple taxation and funding have been identified as some of the major challenges hindering the growth of MSMEs in the FCT.

This was highlighted by Lead Consultant, Ekaville Consulting, Mrs Ekaette Umoh, who was the keynote speaker at the 7th edition of Business 360 organised by the Abuja Enterprise Agency in Abuja, yesterday.

“Some of the challenges SMEs face include lack of market access. People are not aware of how to access market for their products and services. Multiple taxations are another major challenge. When you are taxed many times, the chances of continuing in the business are very slim. And then funding,” she said.

She however said many entrepreneurs have overcome the challenges and their businesses were doing very well.

Corroborating the problem of lack of access to finance by SMES, one of the entrepreneurs, Oluwabukola Akintolu, said getting finance from government agencies has been difficult.

“Getting finance from Bank of Industry (BoI) is a long journey, and the micro finance banks that we have access to, their interest rate is too much. As I am speaking to you now, I am servicing a Lapo Microfinance loan. And it’s like taking all the small profit that I am making from the business. Government should please assist SMEs. There are so many things that we can do,” she said.

MD/CEO of AEA Muhammed Arabi Tukur said the main purpose of organising Business 360 by the agency was to enable SMEs have an interface with regulatory agencies so they access solutions to their problems.

The agencies present at the event were representatives of NAFDAC, FIRS, BoI, SON, FCT Microfinance Bank Ltd, SMEDAN and an official of the Nigerian Stock Exchange (NSE).