The Federal Government has reaffirmed its dedication to bolstering micro, small, and medium enterprises (MSMEs) through tax relief measures aimed at promoting their growth and sustainability.
This commitment was made known by Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS), who was represented by his special adviser, Collins Omokaro, during the first-ever MSME Finance Awards. The event was organized by The Economic Forum Series in collaboration with Nairametrics and DigiComm Enterprise.
In his address, the FIRS chairman highlighted the government’s efforts to create a supportive environment for MSMEs by offering tax breaks and exemptions.
“The Federal Government, through the FIRS, has introduced measures to alleviate the financial pressures faced by MSMEs. Under the Company Income Tax Act, small businesses are exempt from paying company income tax, and they are also not required to collect value-added tax,” Adedeji said.
He went on to emphasize that the government’s tax initiatives are designed to make tax compliance easier for MSMEs, thereby encouraging more businesses to enter the formal economy and benefit from available tax incentives. He further disclosed that FIRS is considering raising the threshold for tax exemptions, which would extend these benefits to more small businesses.
The MSME Finance Awards, which highlighted excellence in MSME financing, reinforced the pivotal role MSMEs play in Nigeria’s economic development.
During the event, Ugochukwu Obi-Chukwu, CEO of Nairametrics, remarked, “MSMEs are the backbone of Nigeria’s economy, providing employment for over 80% of the workforce and driving innovation across multiple industries. It is vital that we continue to support them through effective policies, incentives, and partnerships between the public and private sectors.”
Several organizations were honored for their contributions to the MSME space during the award ceremony. Access Bank took home the title of MSME Bank of the Year for its tailored financial services for small businesses.
Moniepoint received the MSME Microfinance Bank of the Year award for its groundbreaking solutions in the microfinance sector. E-Tranzact was recognized for its leadership in payment security, data protection, and fraud prevention, while Mastercard was honored for its efforts in expanding financial inclusion for MSMEs.
Jude Ndu, CEO of The Economic Forum Series, stressed the critical role MSMEs play in the economy and highlighted the importance of strategic partnerships to provide these businesses with the financial backing, mentorship, and skills development they need to thrive.
In his remarks, Temitola Adekunle-Johnson, the Senior Special Assistant to the President on job creation and MSMEs, noted that small businesses are increasingly leveraging digital platforms like WhatsApp, Instagram, and YouTube to grow their audience and increase revenue streams.
