Dr. Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment in Nigeria, has identified the lack of accountability in tax utilization as a major issue preventing Micro, Small, and Medium-Sized Enterprises (MSMEs) from willingly paying taxes to the government.
Anite said the government used taxes received to improve the local business environment.
Speaking at the 18th Abuja International Trade Fair organised by the Abuja Chamber of Commerce and Industry (ACCI), the minister stated that paying taxes by many small businesses and MSMEs is scary as they contend with tight profit margins.
She, however, said financing and taxation could play a crucial role in driving a new economy in Nigeria, especially for MSMEs.
According to her, “MSMEs are an essential part of our economy and contribute significantly to economic growth and development. A key focus for me is consumer credit reforms. Imagine what access to affordable credit could do for your businesses.”
She added that consumer credit would provide businesses with the necessary financial resources to invest in new equipment, hire additional staff, or develop new products and services.
The Minister of the FCT, Nyesom Wike, on his part, explained that one of the key drivers of sustainable financing and taxation in the FCT was the diverse and growing economy of the territory.