Business climate still not friendly to entrepreneurs – NASME

The Nigeria Association of Small and Medium Enterprises (NASME) said the nation’s business climate is still not friendly to indigenous entrepreneurs.

The President of the Association, Prince Degun Agboade stated this in his welcome address at the stakeholders forum with major MSMEs regulatory agencies in Lagos; he identified agencies that could be of assistance  in reducing the persistent challenges faced by MSMEs day – to – day business operations in order to improve Nigeria’s ease of doing business.

Agboade regretted over the country’s very low ranking by the World Bank on ease of doing business index. He, therefore, admonished the regulatory agencies to see it as a challenge which can be addressed by taken a critical look at all the policies and be ready to fine – tune or adjust as appropriate any one retarding business growth.

He equally called for cordial relationship between the MSMEs and the regulatory agencies in order to achieve a sustained economic growth and development.

“We are going through a lot in terms of regulation as most of the businesses are finding it difficult to make sustainable profits. The growth rate of our businesses is being hampered by the obnoxious laws put in place,” he said.

According to him, many of the indigenous entrepreneurs are being challenged daily by multiple taxes by the various tiers of government. “Our members are paying large chunks of their working capital as taxes to different agencies of government.

“Nothing will be left for the development of the businesses if we have to pay so much as taxes,” he said.

The NASME President described as unfortunate Nigerians’ high expectations from local entrepreneurs in terms of quality goods and services in spite of the hostile business environment.

“Producing locally has been very expensive as raw materials and other factors of production like finance, labour and machinery remain high,” he said.