Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the td-cloud-library domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /var/www/vhosts/economicconfidential.com/httpdocs/wp-includes/functions.php on line 6121
How COVID-19, Taxes Stifled MSMEs In 2020 - Economic Confidential
Facebook Instagram Twitter Youtube
  • Home
  • News
    • National News
    • State News
  • Business
  • Features
    • Insight
    • Opinion
  • FAAC
  • Financial
    • Facts & Figures
    • Monetary
    • Tax Matters
  • Sidelines
  • Profile
  • Special Focus
Search
Economic Confidential Factual, Authoritative & Accessible
  • Home
  • News
    • AllNational NewsState News
      Godwin Emefiele CBN Governor

      Court Grants Emefiele N2bn Bail Over Fresh Charges

      Nigerian Crude Hits $77 per Barrel

      Naira Against Dollar

      Naira Gains Against Dollar in Official, Black Markets

      PETROAN Sounds Alarm Over Dangote’s Fuel Market Dominance

  • Business
    • Naira Against Dollar

      Naira Gains Against Dollar in Official, Black Markets

      cbn

      CBN to Offer N162bn Worth of Treasury Bills for Subscription

      CBN Governor, Olayemi Cardoso

      CBN Clamps Down on Banks Under Regulatory Forbearance

      Dangote Refinery nnpcl

      Dangote Refinery to Commence Nationwide Distribution of Petrol, Diesel

      Dollar Against Naira

      Naira Gains Against Dollar in Both Official, Black Markets

  • Features
    • AllInsightOpinion
      Rabi Ummi Umar

      A Heartfelt Letter to Our Fathers, by Rabi Ummi Umar

      Central Bank of Nigeria, CBN

      As CBN Leads Nigeria’s Gender-sensitivity Resurgence, by Rahma Olamide Oladosu

      The Comptroller-General of the Nigeria Customs Service (NCS), Mr Bashir Adewale Adeniyi

      GEOINT: The Intelligence Edge Nigeria Customs Needed, By Tahir Ahmad

      DG NITDA Kashifu Inuwa

      When Borrowing Becomes Harm and NITDA Responds, By Fatimah Yusuf Usman

  • FAAC
    • FAAC

      FAAC: FG, States, LGs Share N1.7tn in February

      Federal Account Allocation Committee FAAC

      FAAC: FG, States, LGs Shared N1.7trn in January

      FAAC

      N13.7trn Federation Account Revenue Unremitted by NNPCL – FAAC

      FAAC

      FAAC Revenue Declines by N303bn in December

      cbn

      Federation Account grew by 7.48% in Q3 2024

  • Financial
    • AllFacts & FiguresMonetaryTax Matters
      Inflation

      Nigeria’s Inflation Drops to 22.97%

      Nigerian Financial Intelligence Unit (NFIU) OGFZA

      Nigeria Nears FATF Grey List Exit – NFIU

      President Bola Ahmed Tinubu Cop

      ‘Tinubu’s Reforms Bold, But Brought Pains on Citizens, Businesses’

      TAX

      Tax Reforms Not Just About Revenue, Says Presidential Aide

  • Sidelines
    • Saliu Mustapha

      Visit Kwara: Saliu Mustapha Pens Foreward For New Book Spotlighting Kwara…

      Apple Data Breach: Marketing Strategy or Security Issue

      Dangote-BUA Sugar Scarcity Feud

      Google: Expanding 2-Step Verification Enrollment

      SAEMA Awards 2021: Submit Nominees for Security and Emergency Management Awards

  • Profile
    • Sambo Dasuki

      Polo, Politics, and the Dasuki Family

      The immediate-past Director in charge of Executive Secretary’s Office at the National Sugar Development Council (NSDC), Mallam Ahmed M. Waziri.

      Ahmed Musdafa Waziri: A Quintessential Civil Servant at 60, by Abdulrahman…


      Warning: Trying to access array offset on value of type bool in /var/www/vhosts/economicconfidential.com/httpdocs/wp-content/plugins/td-composer/legacy/common/wp_booster/td_module.php on line 565

      Deprecated: parse_url(): Passing null to parameter #1 ($url) of type string is deprecated in /var/www/vhosts/economicconfidential.com/httpdocs/wp-content/plugins/td-composer/legacy/common/wp_booster/td_module.php on line 565

      Warning: Trying to access array offset on value of type bool in /var/www/vhosts/economicconfidential.com/httpdocs/wp-content/plugins/td-composer/legacy/common/wp_booster/td_module.php on line 660

      Warning: Trying to access array offset on value of type bool in /var/www/vhosts/economicconfidential.com/httpdocs/wp-content/plugins/td-composer/legacy/common/wp_booster/td_module.php on line 660

      Warning: Trying to access array offset on value of type bool in /var/www/vhosts/economicconfidential.com/httpdocs/wp-content/plugins/td-composer/legacy/common/wp_booster/td_module.php on line 660

      PROFILE: Ten Things to Know About New CCB Chairman, Dr Abdullahi…

      CBN's Acting Director of Corporate Communications, Hakama Sidi Ali

      Hakama Sidi-Ali: The CBN’s First Female Spokesperson and Reputation Management

      Aisha Rimi

      PROFILE: Aisha Rimi, a Square Peg in NIPC’s Square Hole

  • Special Focus
    • Point of Sale Transaction (PoS)

      SPECIAL REPORT: Cash Crunch, Exorbitant POS Charges in the Face of…

      SPECIAL REPORT: Sickle Cell Awareness- A Public Health Imperative for Nigeria,…

      Governor Abba Yusuf of Kano, President Tinubu of Nigeria and Governor Sim Fubara of Rivers

      Shambolic Local Elections: Are Governors Setting ‘Standard’ for Tinubu’s 2027 Re-Election…

      Obamodi Oluwadamilola Faith

      Palliatives Distribution: A Culture FG Must Stop By Obamodi Oluwadamilola Faith

      health care sector

      EXCLUSIVE: How Health Ministry Scuttled Plot to Frustrate Multi-billion Naira Malaria…

Home Business How COVID-19, Taxes Stifled MSMEs In 2020
  • Business

How COVID-19, Taxes Stifled MSMEs In 2020

By
Economic Confidential
-
December 31, 2020
TAX
TAX

How COVID-19, Taxes Stifled MSMEs In 2020

Your browser does not support the video tag.

 

 

 

 

The year 2020 has got its ups and downs for many businesses in Nigeria especially as they felt the brunt of the COVID-19 pandemic and its attendant lockdown as well as multiple taxes from the various authorities of governments.

Mostly affected was the Micro Small and Medium-scale Enterprises (MSMEs). In a 2020 survey by the PricewaterhouseCoopers (PWC), the MSMEs in Nigeria account for 96 per cent of the total number of businesses in the country and contribute about 50 per cent to the national gross domestic product (GDP).

Apart from the COVID-19 pandemic and the lockdown, the EndSARS protest was another bane for the MSME sector that was attempting to recover later in the year.

The Lagos Chamber of Commerce and Industry (LCCI) this week said the restrictions being placed by some states due to the rising second wave of the pandemic and the lockdown enforced months ago by the government cost the MSMEs in Lagos N2.7 billion revenue.

The LCCI Director-General, Dr Muda Yusuf highlighted the major challenges faced by the business community in the outgoing year as, liquidity crisis in the foreign exchange market, sharp exchange rate depreciation, high energy and production cost.

“Also, ports congestion, cumbersome and burdensome customs processes, insecurity, inconsistent policies, regulatory uncertainties, land border closure and Apapa traffic gridlock.”

Chairman of the SME Group of LCCI, Dr Daniel Okezie, described the effect of the various crises the country experienced in 2020 as really damaging to the SME businesses.

A lot of SMEs also could not continue due to the incidences that occurred during the year while some downsized by reducing the number of their employees.

Another issue which affected SMEs in 2020 according to Okezie was that people were not able to buy or move goods easily due to the border closure, lockdown as well as inaccessibility of the airport and seaport. A lot of businesses were disrupted, directly or indirectly.

There is the need for infrastructural development if the MSME is to thrive. A director at the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Dr Friday Okpara, also said despite the MSME serving as the engine that drives the economy, the sector in Nigeria lack basic infrastructures which generally have tremendous impact on the cost on the cost of doing business.

“The Government palliatives are not much. The government is not doing enough to actually get them out of the pandemic especially in terms of job loss, as many people were affected by the way they lost their income.”

Away from the challenges in 2020, there were many positives too. In May, the federal government announced that new MSMEs will access the National Agency for Food and Drugs Administration and Control (NAFDAC) registration of their products at 80 per cent discount rate for six months.

In July, the federal government announced a N2.3 trillion stimulus package and survival fund for MSMEs to stay afloat amid the economic challenges imposed by the pandemic.

In October, Shola Akinlade of Paystack said the tech start-up firm partnered with Google to aid over 500,000 SMEs in Nigeria, Kenya and South Africa.

The Lagos State Employment Trust Fund (LSETF) also launched a N5 billion economic recovery support for MSMEs in November.

And in December, the federal government began funding the registration for 250,000 MSME which will be registered at zero cost, under its Economic Sustainability Plan (ESP).

Also in December, the Enhancing Financial Innovation & Access (EFInA) launched a £2 million facility to assist individuals and MSMEs in Nigeria.

spokesperson
PRNigeria.com
EconomicConfidential.com
PRNigeria.com/Hausa
EmergencyDigest.com
PoliticsDigest.ng
TechDigest.ng
HealthDigest.ng
SpokesPersonsdigest.com
TeensDigest.ng
ArewaAgenda.com
Hausa.ArewaAgenda.com
YAShuaib.com
  • TAGS
  • Also in December Enhancing Financial Innovation & Access (EFInA)
  • Covid-19
  • Daniel Okezie
  • Dr Daniel Okezie
  • Dr. Muda Yusuf
  • Economic Sustainability Plan (ESP)
  • Friday Okpara
  • GDP
  • Kenya
  • Lagos Chamber of Commerce and Industry (LCCI)
  • Lagos State Employment Trust Fund (LSETF)
  • Lagos.
  • LCCI
  • MSME
  • MSMEs
  • Muda Yusuf
  • National Agency for Food and Drugs Administration and Control (NAFDAC)
  • Niger
  • PricewaterhouseCoopers (PwC)
  • SARS
  • Small and Medium Enterprises Development Agency of Nigeria (SMEDAN)
  • SME
  • South Africa
  • Taxes
Previous articleEquity Market Gains N214bn On Blue Chip Firms
Next articleSAEMA 2020: How Winners Bagged Outstanding Security and Emergency Management Awards
Economic Confidential
Economic Confidential
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.

Recent Posts

  • Why FCT Ground Rent Payments Surged
  • ‎Oshiomhole vs Air Peace: Nigeria’s Skies of Delay and Impunity‎, by Zekeri Idakwo Laruba
  • Court Grants Emefiele N2bn Bail Over Fresh Charges
  • Nigeria’s Inflation Drops to 22.97%
  • Nigerian Crude Hits $77 per Barrel
© Newspaper WordPress Theme by TagDiv