The Abuja Chamber of Commerce and Industry (ACCI) has urged President Bola Ahmed Tinubu’s led Administration to Implement friendly policies that will trigger economic revival of Nigeria.

The President of ACCI, Dr Al-Mujtaba Abubakar in a statement to celebrate the 63rd anniversary of Nigeria wished the government and Nigerians a happy independence celebration while urging the government to speed up the implementation of commitment to increase investment in Micro, Small and Medium-sized Enterprises (MSMEs) in the country as stated in the President’s nationwide broadcast to commemorate the independence anniversary on Sunday.

Dr Abubakar said, President Tinubu’s promise to increase employment and urban incomes as well as provide investment funding for enterprises with great potential is a welcome commitment but these promises should not be treated as business as usual.

The ACCI boss also said that the Chamber would be interested in following up on activities of the inaugurated Committee on Tax Reforms to improve the efficiency of tax administration in the country and address fiscal policies that are unfair or hinder the business environment and slow our growth.

“Wise tax policy is essential to economic fairness and development. I have inaugurated a committee on Tax Reforms to improve the efficiency of tax administration in the country and address fiscal policies that are unfair or under the business environment and slow our growth”, President Tinubu stated.

Amongst other pledges are, public sector reforms to stabilize the economy, direct fiscal and monetary policy to fight inflation, encourage production, ensure the security of lives and property and lend more support to the poor and a groundbreaking provision for the next six months for Low-grade federal government workers with an additional N25,000 per month as part of a broader effort to support the nation’s workforce during these tough times.

You may recall that in 2021 and 2022, ACCI through its Policy Advocacy Centre held an SME conference and a round table session, where issues of tax administration, sustenance, compliance, and harmonization with FIRS, FCTA, AMAC, HOFA, business owners and other relevant stakeholders within the FCT called to ascertain smooth business processes and productivity at a time when businesses in the country are under serious operational challenges due to the high cost of raw materials, epileptic power supply, and high cost of logistics.

At these events, ACCI and some major stakeholders in the SME sector unanimously advocated for the harmonisation of SME taxation in FCT which led the Chamber to officially write a letter to former President Muhammadu Buhari and other relevant authorities calling for the harmonisation of taxes for SMEs for their growth and economic development.

The ACCI President also commended the policies of President Tinubu’s administration that are geared towards turning around the economy of the country and adding value to entrepreneurs.

Dr Abubakar called for cooperation and synergy between Government Agencies and the Business Community that would help boost economic activities and revive businesses that have closed down or are at the verge of collapsing adding that with these, employment opportunities would increase greatly in the country.

While also expressing confidence in this administration, he stated that with new policies put in place, we cannot but express anticipation for the economy of Nigeria to turn around from consumption to production through pro-business policies that will enhance the business community and attract foreign direct investment.

He said, “Nigerians have been waiting for the presidency to make pronouncements that would bring hope to the citizens. We are glad that the President has the interest of the business community at heart and understands the importance of the MSMEs sector and its contributions to national development.”

Dr Abubakar assured that ACCI will continue to be a voice for the business community and will ensure that our voice is heard even as we urge the government to speed up the implementation of those policies for the befit of all.

Dr Al-Mujtaba Abubakar (FCA, MFR)
President ACCI