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This report just fingered Nigerian Customs as the enemy of SMEs

Nairametrics by Nairametrics
June 16, 2015
in Uncategorized
Border closure: Amid N5bn daily revenue, Customs officials lament allowance slash  
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The Nigerian customs service has emerged as a major hindrance for the growth or SMEs in Nigeria according to a new Economist Intelligence Unit (EIU) report.

According to the EIU:

“To support greater productivity gains, attention must now turn to simplifying the tax system, reducing import barriers, stabilising macroeconomic policy and building a more transparent customs system.”

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Other key findings from the EIU include:

  • Light-rail infrastructure and port development are critical to support Nigeria’s commercial ecosystem, and should be prioritised at a time of fiscal consolidation.
  • Information and communication technologies (ICTs) are at the heart of SME businesses— stimulating productivity, helping overcome tough operating environments and opening up new markets.
  • Nigeria has the ingredients for a vibrant solar energy market, including a sunny climate and unmet consumer need. Nigeria’s privatisation of the power sector holds promise for fixing the country’s energy supply, but its impact will not be felt in the near term.
  • To boost formal financing, SMEs must improve their book-keeping and corporate structures, and banks need to hire more SME business experts to inform lending decisions.

I hope someone is listening in the Buhari economic team as SMEs constitute over 90 percent of Nigerian businesses, according to data from the Federal Ministry of Finance.

PAT MELIK

Tags: News ReviewPower Sector
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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Comments 12

  1. Nairametrics says:
    June 16, 2015 at 10:02 pm

    This report just fingered Nigerian Customs as the enemy of SMEs https://t.co/GSUk0qJjBS https://t.co/wH0oJJ4gKa

    Reply
  2. otimkpu1 says:
    June 16, 2015 at 10:02 pm

    This report just fingered Nigerian Customs as the enemy of SMEs https://t.co/tKqYTNFPi5 https://t.co/CRYaRPITUs

    Reply
  3. ugodre says:
    June 16, 2015 at 10:02 pm

    This report just fingered Nigerian Customs as the enemy of SMEs https://t.co/O4Toy5pYH9 https://t.co/DOQneqg2hd

    Reply
  4. KoredeOludiran says:
    June 16, 2015 at 10:04 pm

    RT @ugodre: This report just fingered Nigerian Customs as the enemy of SMEs https://t.co/O4Toy5pYH9 https://t.co/DOQneqg2hd

    Reply
  5. Nairametrics says:
    June 16, 2015 at 10:13 pm

    This report just fingered Nigerian Customs as the enemy of SMEs: The Nigerian customs service has emerged as a… https://t.co/TNvPHr6oUI

    Reply
  6. pheyiola says:
    June 16, 2015 at 10:15 pm

    #Fingered RT @ugodre: This report just fingered Nigerian Customs as the enemy of SMEs https://t.co/OvZHZy2h6C https://t.co/p4Jc7saB1F

    Reply
  7. Ahfoawoyemi17 says:
    June 16, 2015 at 10:18 pm

    RT @ugodre: This report just fingered Nigerian Customs as the enemy of SMEs https://t.co/O4Toy5pYH9 https://t.co/DOQneqg2hd

    Reply
  8. called_L says:
    June 16, 2015 at 10:48 pm

    RT @ugodre: This report just fingered Nigerian Customs as the enemy of SMEs https://t.co/O4Toy5pYH9 https://t.co/DOQneqg2hd

    Reply
  9. dfasoro says:
    June 16, 2015 at 10:59 pm

    RT @pheyiola: #Fingered RT @ugodre: This report just fingered Nigerian Customs as the enemy of SMEs https://t.co/OvZHZy2h6C https://t.co/p4Jc…

    Reply
  10. Naijawhatsup says:
    June 16, 2015 at 11:04 pm

    This report just fingered Nigerian Customs as the enemy of SMEs https://t.co/Sk5nBOvMUS

    Reply
  11. CSLStockbroking says:
    June 17, 2015 at 11:30 am

    This report just fingered Nigerian Customs as the enemy of SMEs: https://t.co/mwUgELkdfc

    Reply
  12. kayodea says:
    June 17, 2015 at 1:18 pm

    Customs as the “enemy” of SMEs: https://t.co/nvSZDPpLGf

    Reply

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