• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Elumelu gives 4 key solutions for government to keep SMEs alive

Chris Pemu by Chris Pemu
November 17, 2017
in Business News, Company News, Small Business
Elumelu gives 4 key solutions for government to keep SMEs alive

Transcorp Chairman, Tony Elumelu.

Share on FacebookShare on TwitterShare on Linkedin

Chairman of UBA Plc, Mr Tony Elumelu, has blamed multiple taxes and levies from government for the collapse of about 95 per cent of Small and Medium Enterprises (SMEs) within their first one year of operation in Nigeria.

He revealed this on Thursday at the Lagos Business School Alumni Association (LBSAA) “2017 Alumni Day” in Lagos with the theme, “The Effects of Multiple Government Regulations and Taxation on Business Growth in Nigeria”.

The UBA Plc Chairman said that multiple business regulation, multiple taxation and inconsistent government policies affect SMEs’ competitiveness. According to him, multiple levies by the government and its agencies affect small businesses’ ability to attract capital in their investment climate.

RelatedStories

e-commerce

Pay-on-delivery hurting Nigeria’s e-commerce growth, stakeholders warn 

June 10, 2025
Tony Elumelu, UBA, CBN, Naira

Heirs Holdings buys 45 million units of UBA shares worth N1.54 billion

May 29, 2025

Elumelu said 5 percent of the small businesses that survive after one year were a big disincentive to the nation in terms of employment creation.

He urged government to create a more conducive environment that would encourage survival of SMEs in order to reduce unemployment rate.

“It seems we have a big problem with high taxation and multiple levies; it is expected we should have very high tax revenue,’’ he said. According to him, government should find out the reason for the discrepancy for desired growth and development.

“Governments don’t create jobs, it is the right enabling environment for SMEs that create jobs,’’ he said, adding that public and private sector partnership was necessary to tackle the challenges facing the country.

“Issue of multiple taxation is enormous and must be addressed to achieve the desired growth,’’ Elumelu stated.

What government must do

  • Government should streamline all taxation and levies across the three tiers of government to avoid collapse of SMEs.
  • Government must leverage technology to foster automation in tax collection to reduce tax leakages, stating further that government should ensure greater awareness to approved taxes and levies to avoid extortion as well as introduce tax incentives.
  • The provision of comprehensive review of tax laws in the country to improve revenue and check excesses at the nation’s ports to improve foreign exchange earnings.
  • Those who pay taxes should be recognised and encouraged for people to embrace and pay taxes without being forced. According to him, government should go beyond focus on operational approach of collecting taxes and find a way of encouraging people to pay taxes.

 


Follow us for Breaking News and Market Intelligence.
Tags: Heirs HoldingsLagos Business SchoolLagos Business School Alumni AssociationNews ReviewSolutions for SMEsTony ElumeluUBA Plc
Chris Pemu

Chris Pemu

Christopher B. Pemu has a degree in Political Science from the University of Lagos. He joined Nairametrics in 2014 as News Editor and later as Managing Editor. He currently serves as the General Manager of Nairametrics. He takes pleasure in traveling, enjoys world politics and in sport, he loves watching football and tennis.

Related Posts

e-commerce
Sectors

Pay-on-delivery hurting Nigeria’s e-commerce growth, stakeholders warn 

June 10, 2025
Tony Elumelu, UBA, CBN, Naira
Breaking News

Heirs Holdings buys 45 million units of UBA shares worth N1.54 billion

May 29, 2025
Africa’s millionaire population to reach 195,000 by 2032
Opinions

Africa Day 2025: Igniting the Continent’s promise on the global stage

May 25, 2025
UBA’s Tony Elumelu: Africa’s Entrepreneur-in-Chief 
Companies

UBA’s Tony Elumelu: Africa’s Entrepreneur-in-Chief 

May 16, 2025
In testament to his Impact on the Continent, Gabonese President honours Tony Elumelu for championing African development
Companies

In testament to his Impact on the Continent, Gabonese President honours Tony Elumelu for championing African development

May 6, 2025
UBA to complete CBN’s N500 billion capital requirement in Q3 2025 amid business expansion plans – Tony Elumelu 
Companies

UBA to complete CBN’s N500 billion capital requirement in Q3 2025 amid business expansion plans – Tony Elumelu 

April 26, 2025
Next Post
Why companies issue medium term notes

Why companies issue medium term notes

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • Air Peace to begin direct Abuja–London Heathrow flights on Oct. 26 – Keyamo 
  • Nigeria recapitalizes Bank of Agriculture with N1.5 trillion, eyes regional food security leadership 
  • NDLEA seizes over 1 million opioid pills in Bauchi, intercepts cannabis, meth in Kaduna, Abuja 

Follow us on social media:

Recent News

Festus Keyamo,

Air Peace to begin direct Abuja–London Heathrow flights on Oct. 26 – Keyamo 

June 22, 2025
Farm infestation

Nigeria recapitalizes Bank of Agriculture with N1.5 trillion, eyes regional food security leadership 

June 22, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics