Stakeholders have called on the Federal and State governments to grant tax exemptions to small businesses as part of efforts to grow Nigeria's economy.
They lamented the impact of multiple taxation, poor power supply, and high production costs on small and medium-scale manufacturers, urging authorities to reduce the cost of doing business.
Speaking at the commissioning of LA Spring Bottle Water factory in Karu, Nasarawa State, Barrister Bassey Offiong commended the founders for investing in manufacturing despite challenging conditions.
"This is what we need to move from consumption to production. It takes a lion's heart to go into manufacturing when returns are quicker in real estate or hospitality. But production is what truly grows the economy," Offiong said.
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He warned against stifling new businesses with excessive levies, noting that in developed economies, similar factories enjoy tax exemptions for up to five years.
Manager of the factory, Titus Jeremiah, assured of the product's quality, stating that the water meets regulatory standards and the company remains committed to maintaining quality.
Another stakeholder, Tom Takpatore, stressed the need for improved electricity supply, saying the high energy demand of manufacturing equipment makes solar power impractical.
