• News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
MSME Africa
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
MSME Africa
No Result
View All Result

EnovateLab’s Greenpreneur Demo Day: A Showcase of Climate Innovation

Blessing Joseph by Blessing Joseph
November 19, 2024
in News, Sustainability & Environment
0
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, on Monday, said the proposed tax reform bills before the National Assembly are not aimed to undermine any region of the country. Mr Oyedele, who disclosed this in Abuja, during an interactive session on the proposed Nigeria Tax Bill, 2024, organised by the House of Representatives, lamented the country’s present socioeconomic realities, which showed 33.88% high inflation and unemployment; over 95 million people living in monetary poverty, while 133 million people experience multidimensional poverty. He explained that the present administration seeks to “do away with nuisance taxes with very low revenue yield, high cost of collection and ultimate burden on the poor and small businesses; focus on high revenue-yielding taxes that are broad-based and relatively easy to collect; Merge taxes and levies that are imposed on the same or substantially similar tax base; keep the total number of taxes across all levels of government to a single digit, as well as Institutionalise the tax harmonisation reform to ensure sustainability.” In his presentation, Mr Oyedele, who maintained that, “There is no negative thinking about any region or anything,” disclosed that the administration proposed zero percent VAT on food, education, and healthcare. Exempt rent, transport, etc; increase rate on non-essential items to partly offset reduction on essential items, as well as discontinue with other consumption taxes and charge only VAT where applicable, while all businesses will be able to recover VAT on their assets and services thereby lowering their overall costs and reducing inflation. He argued that the proposed reform would only ensure efficiency and give more revenue to states where goods and services are consumed, while over 97 percent of SMEs will be exempted from charging VAT on their sales. Mr Oyedele explained that currently, under Section 40 of the VAT Act, VAT revenue is allocated 15 percent to the Federal Government, 50 percent to the states and FCT, and 35 percent to local governments. While stressing the urgent need to address multiple taxation and budgetary reforms, accountability and transparency, he averred that citizens’ participation is critical, and reforms must be people-centred. In his keynote address, Speaker of the House Honourable Tajudeen Abbas said the reform bills will be diligently scrutinised in the best interest of Nigerians. Abbas, who argued the House is yet to take a definitive position on the bills, explained that the House owes Nigerians a duty to ensure that the outcome of the proposals is in the national interest. The speaker said the four bills represent critical proposals from the executive to expand Nigeria’s tax base, improve compliance, and establish sustainable revenue streams for the nation’s development. He explained that the interactive session was organised to provide members with a comprehensive understanding of the bills and deepen their appreciation of their provisions, commence constructive dialogue on contentious or controversial areas, and build the consensus. He said the interaction will help identify areas that need amendment, clarification, or improvement as well as consider the compatibility of these bills with the 1999 Constitution (as amended) and other extant laws. The speaker said tax reforms form part of the provisions of the House Legislative Agenda because of their central role in achieving sustainable economic growth and development. He stressed that in every modern state, taxes are the bedrock of public revenue, providing the resources required to deliver education, healthcare, infrastructure, and security. Abbas lamented that despite being Africa’s largest economy, Nigeria still struggles with a tax-to-GDP ratio of just six percent—far below the global average and the World Bank’s minimum benchmark of 15 percent for sustainable development. This is a challenge, he said, that must be addressed if the country is to reduce its reliance on debt financing, ensure fiscal stability, and secure our future as a nation. He explained that the bills aim to diversify our revenue base, promote equity, and foster an enabling environment for investment and innovation. He said as representatives of the people, they must approach these reforms thoughtfully, understanding their potential implications for every segment of society. He said taxes should be fair, transparent, and justifiable, balancing the need for public revenue with the burdens they impose on individuals and businesses. He said further that pre-legislative scrutiny is a well-established practice in many parliaments worldwide as it allows lawmakers to thoroughly review proposed legislation, address ambiguities, and ensure alignment with constitutional provisions before formal consideration. He noted that the controversies surrounding these bills in the media, civil society, and among governance stakeholders are a reflection of their importance. Such debates, he said, are healthy and necessary in a democracy. He commended the Presidential Committee on Tax Reforms and Federal Inland Revenue for their work in presenting these proposals and asked members to approach this session with an open but critical mind. Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, said the agency was awaiting the outcome of the bills. EnovateLab's Greenpreneur Demo Day: A Showcase of Climate Innovation
Share

EnovateLab’s ClimateLab initiative recently concluded its highly successful Greenpreneur Challenge with a captivating Demo Day. The event showcased the innovative solutions and business models developed by a cohort of talented entrepreneurs.

The Greenpreneur Challenge, a flagship program of ClimateLab, aims to identify and support promising startups working on climate-friendly solutions. The selected startups underwent a rigorous four-week incubation program, where they received mentorship, training, and resources to refine their business ideas and develop actionable plans.

The Demo Day featured a diverse range of startups addressing pressing environmental challenges, including:

  • Harvest Value Chain Limited
  • New Life ECG
  • VickyGoshen EcoFarms
  • GreenCycle Composting Services
  • Dantudu Sustainable Green LTD
  • Cleanwave Recycling Nigeria Limited
  • CyclexAfrica
  • THREEWASTE
  • Annashuwa Smart Agro IOT Device
  • Nexus Compost
  • Plastic bloom
  • Shara

Three exceptional startups were awarded cash prizes for their innovative solutions. These awards will enable them to further develop their businesses and scale their impact.

EnovateLab extends its gratitude to our partners and sponsors, including MSME Africa, Nigeria Climate Innovation Center, Kairos Knowledge Centre, Youth Hub Kano, and MAMA Initiative, for their invaluable support in making the Greenpreneur Challenge a success.

Through initiatives like the Greenpreneur Challenge, ClimateLab reaffirms its commitment to fighting climate change through climate innovation, climate adaptation, and climate advocacy. We will continue to empower entrepreneurs and foster a sustainable future.

About EnovateLab and ClimateLab

EnovateLab is an organization dedicated to supporting social and economic innovators. ClimateLab, an initiative under EnovateLab, focuses on addressing climate change through innovation and entrepreneurship.

 

 

 

 

Post Views: 52
Share

Related Posts:

  • Best Cities to live as an Entrepreneur in Nigeria
    Ultimate 2024 Guide to the Top Business Enabling…
  • MSME Africa Unveils Top 50 Remarkable MSME Founders 2023, Awards them $25,000 in Media Credits
    MSME Africa Unveils Top 50 Remarkable MSME Founders…
  • Africa must prepare for the inevitability of a global food crisis - Akinwumi Adesina
    Overcoming Binding Constraints to Competitive…
  • Top 6 Incubation Programs for Nigerian Startups and Entrepreneurs
    Top 6 Incubation Programs for Nigerian Startups and…
  • Top 15 Social Media Marketing Tools for Nigerian Entrepreneurs
    15 Social Media Management Tools That Will Make Life…
  • Wheat Development Programme Yield Underscores the Role of Research and Trials  
    Wheat Development Programme Yield Underscores the…
Tags: A Showcase of Climate InnovationEnovateLab's Greenpreneur Demo DayEntrepreneursGreenpreneur Demo DayMSME AfricaMSME News in Nigeria todayMSMEs
Previous Post

Lagos State Awards N100 Million to Young Agripreneurs at Inaugural Agrinnovation Summit

Next Post

Nigeria Proposes Not Regionally Biased Zero Percent VAT on Food, Education, Healthcare, Says Taiwo Oyedele

Next Post
Nigeria Propose Not Regionally Biased Zero Percent VAT on Food, Education, Healthcare, Says Taiwo Oyedele

Nigeria Proposes Not Regionally Biased Zero Percent VAT on Food, Education, Healthcare, Says Taiwo Oyedele

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result
Join MSME on Whatsapp
Subscribe To Our Newsletter
Enter your email to receive a weekly round-up of our best posts. Learn more!
icon
By subscribing, you agree with our privacy policy and our terms of service.

Recent Posts

  • The Fashion Games 2025: Fashion Future Program Graduates 2,000 Youths in a Dazzling Showcase of Creativity and African Excellence
  • Nigeria exits IMF Debtor List
  • HortiNigeria Trains 70,000 Farmers, Mobilises £4 Millon for Horticulture Growth
  • Court Dismisses MultiChoice Request to Uphold ‘GOtv, DStv Price Increases’ in Nigeria
  • Scalepad Marks major Milestone: Supports Over 50 Businesses in Expansion Across Africa and the U.S.

Recent Comments

  • 10 Reasons Why SMEs Should Invest in Video Marketing - MSME Africa on How to Create Viral Videos for Social Media in 2024
  • link alay4d on 5 Nigerian-based Companies Providing Accelerator Programs for Startups in 2024
  • Damilare Oladeji on Nigerian Government Agencies that Support Entrepreneurship in 2024
  • situs alay4d on 50 Best Tools to Boost Your Productivity as an Entrepreneur in 2024
  • Otabor Osayomore Blessing on Ultimate 2024 Guide to the Top Business Enabling Cities for Startup Founders and Entrepreneurs in Nigeria
  • About us
  • Advertise with us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.

No Result
View All Result
  • About us
  • Advertise with us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.