The Nigerian Economic Summit Group (NESG) has raised concerns over the worsening economic climate, revealing that 30% of Nigeria's Micro, Small, and Medium Enterprises (MSMEs) have shut down due to mounting financial pressures.Speaking at the launch o… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader 30% of MSMEs shut down as NESG raises economic alarm By Busola Bamidele on March 7, 2025 The Nigerian Economic Summit Group (NESG) has raised concerns over the worsening economic climate, revealing that 30% of Nigeria's Micro, Small, and Medium Enterprises (MSMEs) have shut down due to mounting financial pressures. Speaking at the launch of the 2025 Private Sector Outlook, NESG's Chief Economist and Director of Research, Dr. Segun Omisakin, disclosed that between 2023 and 2024, business closures and multinational divestments resulted in an estimated ₦94 trillion economic loss. Omisakin highlighted that while policy reforms have improved foreign exchange liquidity, the naira experienced severe depreciation, averaging ₦1,479.9 per U.S. dollar in 2024. Read also: 30% of MSMEs shut down as NESG raises economic alarm Tax reform bill will boost compliance, expand revenue NAFDAC reopens Onitsha drug market after crackdown on make medicines MultiChoice faces FCCPC lawsuit over subscription price hike violation AfDB approves $230m trade finance package for Access Bank to support SMEs Additionally, Nigeria's public debt climbed to ₦142.3 trillion as of September 2024, further straining the country's fiscal position. Despite trade surpluses and increased foreign capital inflows, the challenging business environment has made survival difficult for many enterprises. Looking ahead to 2025, Omisakin stressed the need for businesses to embrace strategic adaptation measures to withstand economic uncertainties. The NESG also called for stronger public-private sector collaboration, urging that key business associations like the Nigerian Association of Small and Medium Enterprises (NASME), the Nigerian Association of Small-Scale Industrialists (NASSI), and the Nigeria Employers' Consultative Association (NECA) be actively involved in economic policymaking to drive sustainable growth.

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Dr. Augustine Kutu, an Assistant Professor at the University of Western Ontario, Canada, has stated that Nigeria's proposed tax reform bill will enhance tax compliance and diversify revenue streams.Speaking in an interview with the News Agency of Nige… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader Tax reform bill will boost compliance, expand revenue By Busola Bamidele on March 7, 2025 Dr. Augustine Kutu, an Assistant Professor at the University of Western Ontario, Canada, has stated that Nigeria's proposed tax reform bill will enhance tax compliance and diversify revenue streams. Speaking in an interview with the News Agency of Nigeria (NAN) in Abuja, Kutu highlighted that the bill's Value Added Tax (VAT) sharing formula would drive economic growth and promote fairness among regions. He noted that Nigeria has undergone several tax reforms, including the introduction of the Income Tax Management Act (1961), VAT (1993), and the Structural Adjustment Programme (1980s). The country also implemented the Consolidated Revenue Code to boost revenue generation and reduce its reliance on oil. Read also: Tax reform bill will boost compliance, expand revenue NAFDAC reopens Onitsha drug market after crackdown on make medicines MultiChoice faces FCCPC lawsuit over subscription price hike violation AfDB approves $230m trade finance package for Access Bank to support SMEs NITDA strengthens Nigeria's digital ecosystem through strategic partnerships However, Kutu acknowledged the controversy surrounding the proposed VAT sharing formula, which allocates a higher percentage to states where revenues are generated. To ensure fairness, he recommended a 40-40-20 model—40% based on equality, 40% on derivation, and 20% on population. He urged governments to leverage technology for tax assessment and collection, ensuring efficiency and capturing revenue from digital businesses like social media and music streaming platforms.

SMALL BUSINESS INSIGHTS © 2025. Manage your email settings or unsubscribe. Get the Jetpack app Subscribe, bookmark, and get real‑time notifications - all from one app! Automattic, Inc. 60 29th St. #343, San Francisco, CA 94110

The National Agency for Food and Drug Administration and Control (NAFDAC) has reopened the Onitsha drug market following a large-scale operation against counterfeit and substandard medicines. The market was shut down on February 10 to curb the spread of… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader NAFDAC reopens Onitsha drug market after crackdown on make medicines By Busola Bamidele on March 7, 2025 The National Agency for Food and Drug Administration and Control (NAFDAC) has reopened the Onitsha drug market following a large-scale operation against counterfeit and substandard medicines. The market was shut down on February 10 to curb the spread of fake drugs. Dr. Martin Iluyomade, NAFDAC's Director of Enugu Zone Operations, disclosed during a stakeholders' meeting that over 50 truckloads of fake and banned medicines, including dangerous narcotics, were confiscated. The agency also identified poor storage conditions that compromised genuine drugs. Read also: NAFDAC reopens Onitsha drug market after crackdown on make medicines MultiChoice faces FCCPC lawsuit over subscription price hike violation AfDB approves $230m trade finance package for Access Bank to support SMEs NITDA strengthens Nigeria's digital ecosystem through strategic partnerships NITDA unveils digital roadmap to empower SMEs, boost financial inclusion About 4,000 shop owners have been suspended and must individually clear themselves with NAFDAC before resuming business. Anambra State Governor, Chukwuma Soludo, backed the agency's efforts and pledged to develop a standardized drug market with proper storage facilities. Market leaders and traders have vowed to support NAFDAC in eliminating fake drugs. The reopening of the market signals a crucial step in ensuring safe and quality medicines for Nigerians.

SMALL BUSINESS INSIGHTS © 2025. Manage your email settings or unsubscribe. Get the Jetpack app Subscribe, bookmark, and get real‑time notifications - all from one app! Automattic, Inc. 60 29th St. #343, San Francisco, CA 94110