The Federal Government has reiterated its commitment to supporting micro, small, and medium enterprises (MSMEs) through tax incentives aimed at promoting growth and sustainability in the sector.
This was disclosed by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, who was represented by his special adviser, Collins Omokaro, at the inaugural MSME Finance Awards. The event was organized by The Economic Forum Series in collaboration with Nairametrics and DigiComm Enterprise.
Adedeji emphasized that the federal government is focused on creating an enabling environment for MSMEs by offering tax reliefs and exemptions.
“The Federal Government, through FIRS, has introduced reforms to ease the financial burden on MSMEs. Small businesses, as defined under the Company Income Tax Act, are exempt from paying company income tax and are also not required to collect value-added tax,” the FIRS chairman said.
He highlighted that these tax policies are designed to simplify compliance for MSMEs, encourage more businesses to formalize, and ensure that more companies benefit from these incentives.
Adedeji also revealed that FIRS is considering proposals to further increase the threshold for tax exemptions to include more MSMEs under the tax relief program.
The MSME Finance Awards celebrated excellence in MSME finance and emphasized the crucial role MSMEs play in the Nigerian economy.
Nairametrics CEO, Ugochukwu Obi-Chukwu, remarked, “MSMEs are the backbone of the Nigerian economy, employing over 80 percent of the workforce and driving innovation across various sectors. It is vital that we continue to support this sector through favorable policies, incentives, and collaboration between the private and public sectors.”
Several organizations were recognized at the event for their contributions to the MSME sector. Access Bank was named MSME Bank of the Year for its tailored financial services for small businesses. Moniepoint received the MSME Microfinance Bank of the Year award for its innovative microfinance solutions.
E-Tranzact was recognized for its leadership in payment security, data protection, and fraud prevention, while Mastercard won the Best in MSME Financial Inclusion award for its efforts in expanding access to financial services for small businesses.
Jude Ndu, CEO of The Economic Forum Series, noted that MSMEs are key drivers of the economy, and with strategic partnerships, citizens can bridge gaps by providing essential financial support, mentorship, and capacity building.
In his remarks, Temitola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation and MSMEs, stated that MSMEs are increasingly using digital platforms like WhatsApp, Instagram, and YouTube to expand their reach and drive revenue growth.
Micheal has over 5 years experience in digital journalism. He’s a New Media Expert with an interest in Human Development and Global Politics.
