The Association of Small Business Owners of Nigeria, ASBON, has stated that 2024 appears to be the most tough year in recent memory for micro, small, and medium-sized firms, MSMEs. Dr. Femi Egbesola, President of ASBON, stressed the need for the government to implement urgent changes to solve the private sector’s concerns in the new year.
“While we were still coping with the effects of fuel subsidy reduction, the floating of the Naira, and many other issues in 2023, 2024 delivered many more death blows to the MSMEs environment.
“This year, we saw hyperinflation, an increase in electricity tariffs and other government levies, electronic money transfer bank charges, an increase in fuel prices, a free fall in the Naira, high interest rates due to an increase in MPR, and many other things, resulting in the ailing and eventual death of a number of businesses.
“In the midst of this, towards the end of this year was the release of the longawaited federal government intervention fund, the proposed national tax bill and a pocket of other interventions, bringing some succour and relief to small businesses,” according to him.
Egbesola, on the contrary, stated: “Even in the middle of all of this, we are very hopeful of a better and brighter future, starting from 2025.”We strongly anticipate further partnership with the government, notably in policymaking and MSMEs-related changes.”
The Nigerian Association of Chambers of Commerce Industry Mines and Agriculture, NACCIMA; the Manufacturers Association of Nigeria, MAN; and the Lagos Chamber of Commerce and Industry, LCCI, all shared their perspectives on 2024 and looked ahead to the new year.
