The Lagos Chamber of Commerce and Industry (LCCI) and stakeholders in the sector have highlighted the need for the Federal Inland Revenue Services (FIRS) to evolve communication and engagement of Small and Medium Enterprises (SMEs), for inclusion and better tax regime to sustain economic growth.
The LCCI President, Mrs Toki Mabogunje, said that in order to drive small businesses and the business community, Nigeria’s regulatory processes and policies should be effective, efficient, transparent, accommodating, supportive, business friendly, and promote private sector development.
She made the remark at a public-private dialogue to launch a survey report on Transactional accountability, Process consistency, and Operational Transparency-a report on FIRS conducted by the LCCI in conjunction with Centre for International Private Enterprise (CIPE).
She noted that the session aims to seek ways on how the public and private sector could collaborate in strengthening the quality of the nation’s regulatory processes as a way of supporting Small and Medium Enterprises (SMEs).
“We consider this engagement very pertinent considering the strategic importance of SMEs in the Nigerian economy,” she said.
According to her, MSMEs account for half of the overall economic activities in Nigeria and contribute as much as 75 per cent to employment in the country.