Small Business

Tips, information and tools for Nigerian Startups, Micro, Small & Medium Scale Businesses

Commodities

AFEX raises $50 million to Finance Agri-SMEs in Nigeria

by Abiola Odutola

February 19, 2021

The $50 million Agri-SMEs fund is expected to bridge the funding gap between lenders and borrowers in the agric sector.

Development Bank of Nigeria , Companies Allied Matters Act (CAMA)

Business

African leaders should support MSMEs for rapid recovery of economies – Report

by Johnson Uche

January 24, 2021

African leaders would help speed up the recovery process in most African economies if they can continue to support the...

Solar, FG to slash import duties on tractors, buses, others in 2020 Finance Bill, Nigeria will not issue Eurobonds, says Vice President Yemi Osinbajo, FG guarantees mortgage loan to low income buyers at low interest rate, FG inaugurates gold refinery project in a landmark event

Business

The FG in partnership with the private sector will continue to support MSMEs – Osinbajo

by Omokolade Ajayi

January 12, 2021

Osinbajo has stated that the FG in partnership with the private sector would continue to provide interventions to boost the...

Nigerian MSMEs suffer negative impact of COVID-19

Financial Literacy

283,023 Nigerians employed by MSMEs have benefited from FG Payroll Support Scheme

by Omokolade Ajayi

January 7, 2021

The FG has revealed that over 200,000 persons have so far benefited from its Payroll Support Program.

MSME, world bank, FG seeking FDI to develop Special Economic Zones - Trade Minister, FG clamps down on filling stations, others for faulty measuring and weighing equipment, AfCFTA: Nigeria securing approval to ratify agreement- Trade Minister, FG meets group to access AfCFTA's $650 billion market, UNIDO’s $60m investment programme to boost Nigeria’s industrialisation - FG, FG to strengthen economic ties with Turkey, FG moves to facilitate tax incentives for SMEs, Made-in-Nigeria vehicles gulp N364 billion from FG

Financial Literacy

FG warns applicants of N75 billion MSME Fund against fraudulent websites

by Chike Olisah

January 1, 2021

FG warned unsuspecting members of the public to beware of fraudulent websites demanding account details.

Youth investment fund, FG disburses MSMEs Survival Fund in Lagos, Kano, FCT and 9 other states, Buhari gives reason for silence on Lekki Tollgate shooting, President Buhari approves N10 billion for National Census

Business

How President Buhari plans to boost Power supply, job creation in 2021

by Abiola Odutola

January 1, 2021

Nigeria is currently undertaking a series of special interventions designed to boost job creation.

Financial Literacy

Covid-19: Restrictions cost Lagos MSMEs N2.7 billion – LCCI

by William Ukpe

December 28, 2020

The LCCI has stated that COVID-19 restrictions cost MSMEs in Lagos the sum of N2.7 billion.

Financial Literacy

Micro, Small and Medium Enterprises policy review awaiting FG approval – SMEDAN

by William Ukpe

December 18, 2020

SMEDAN DG has stated that the MSMEs policy was awaiting approval by the Federal Executive Council.

Financial Literacy

The role of small businesses in Nigeria’s post-Covid recovery plan

by Op-Ed Contributor

December 15, 2020

For small businesses to drive the global economy to recovery, they must have access to funding which is a key...

FG foreign reserves Nigeria Yemi-Osinbajo, FG negotiates with Governors on bail-out fund, as NEC approves 100 billion for NLTP, bail-out fund States Governors, FG earns N28.6 trillion from VAT, others , Ease of doing Business: States must partner with Federal Government – Osinbajo , AfCFTA: Nigeria’s financial footprints to be extended across Africa – Osinbajo , FG seeks partnership with National Council of Registered Insurance Brokers, here’s why , Osinbajo says FG’s investment to take advantage of Africa’s $200bn tourism potential is massive, Pres. Buhari’s plan to tax US tech companies might provoke US trade war https://www.yemiosinbajo.ng/vps-lecture-at-the-national-defence-college-course-28-lecture-event/ https://punchng.com/digital-firms-to-pay-tax-under-new-finance-act-osinbajo-2/ https://www.nytimes.com/2020/01/31/business/economy/digital-tax-oecd.html Nigeria at risk of trade war with United States as the Nigerian Government says it will impose taxes on technology companies like Facebook, Google, and other digital companies that have been escaping tax payment in Nigeria due to their lack of presence within the country. The US has threatened tariffs on imports from countries that impose such digital taxes. The tech companies with heavy revenue footprint in Nigeria now have their backs against the wall because President Muhammadu Buhari-led administration want to tax them to grow Nigeria’s revenue; which has led to the development of the Finance Act. The Finance Act is the solution of President Buhari to the revenue problem which the Finance Minister, Ahmad Zainab, said Nigeria has. The Nigerian government is looking to grow its revenue through taxes, and one of such is the digital tax which Vice President, Yemi Osinbajo, said will commence despite the threat of the US which is aimed at protecting the silicon companies. No more back door operation: Facebook, Google, Amazon, YouTube and many more digital businesses have a sizeable market in Nigeria, but don’t have a physical structure for their operations; this has cost Nigeria tax revenue. These companies are known to prefer situating their companies in tax havens where taxes are low compared to other African and European countries. Ireland and Bermuda are some of the tax havens for these multinational companies. But according to Osinbajo, the period of making gains from their operation in Nigeria without paying tax is over. Osinbajo, while speaking at The National Defence College, Course 28 Lecture Event, said that, “Let me also briefly mention the new provisions on Taxation of Digital Economy and Non-Resident Companies. This is a very important aspect of our taxation policy. Before the Finance Act, only companies that had a physical presence or a fixed base in Nigeria could be taxed. “So, most digital companies, I mean any of the big technology companies, or multi-national digital companies, that did not have physical offices in Nigeria, made significant income from Nigeria from online activities, such as advertising, movie streaming, online gaming and e-commerce from subscribers in Nigeria, but paid no taxes whatsoever because they did not have a physical base in Nigeria. So now we are no longer relying on the fixed base or physical address criterion.” He added that, “Under the Finance Act, once you have a Significant Economic Presence (SEP) in Nigeria, you are liable to tax. Whether you are a resident here or you are not resident as a company, as long as your economic presence is significant, you are liable to tax. If you are streaming online, advertising using Google adverts, whether you are resident here or not, you are now subject to tax. “So, non-residents who previously had no fixed base and no Nigerian tax liability will now be liable to tax based on the SEP criterion. The Minister of Finance is empowered to issue a regulation defining what Significant Economic Presence means. So, she just defines the scope of what we will be looking out for in terms of Significant Economic Presence.” Osinbajo explained. Nigeria is not alone in this crusade: Nigeria is not the only country trying to tax these technology companies. The European Union have also been coming after them for taxes. The EU is also stating that if the technology companies are making economic gains through their operation despite the lack of physical presence in several European countries, then the tech conglomerates should be taxed. This has led to review of tax laws by the EU. According to a report by New York Times, new rules to tax these multinational companies are being discussed by about 130 countries through the Organization for Economic Cooperation and Development. The review has become necessary as digital economy begins to open new revenue sources. Should Nigeria tread carefully? The United States has threated to hit any country imposing taxes on the technology companies - which are mostly American – with tariffs on import. This put Nigeria at a rather impossible position, as the country is not economically strong enough to enter a trade war or go on a tit for tat battle with the US. According to Q3 report, the US is the fifth biggest export destination for Nigeria, having imported N322.2 billion (6.28%) goods from Nigeria, with crude oil constituting N329.8 billion. Although, the US is behind Ghana, India, Netherlands and Spain, it doesn’t change the significance of the US market to the Nigerian economy. Meanwhile, Nigeria’s top import sources include the U.S, accounting for N747 billion in H1 2019. Franch had moved to tax the online businesses but have now delayed the plan this year after a meeting with the US; the US has also paused its tariff threat against France. Britain is also one of the digital tax drivers. With such threat hanging over the digital tax, it’s unlikely Nigeria will go ahead taxing these technology companies, as US feels such tax is discriminatory against US firms, and have suggested these companies be allowed to decide if they want to operate with the new tax standards., FG will provide succor for daily wage earners as lockdown continues – Osinbajo

Financial Literacy

FG needs to review regulation of small and medium businesses – Osinbajo

by William Ukpe

December 15, 2020

Osinbajo has stated that the government will improve the business environment for MSMEs in Nigeria by proper regulation.

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How to update your NIN details from home

FG to begin disbursement of Presidential loans and grant to manufacturers, MSMEs in September

Inflation: 67% of MSMEs report decline in demand for their products and services – Report

British International Investment commits $75 million bond to boost MSME projects across Africa

Small Business

Tips, information and tools for Nigerian Startups, Micro, Small & Medium Scale Businesses

AFEX raises $50 million to Finance Agri-SMEs in Nigeria

African leaders should support MSMEs for rapid recovery of economies – Report

The FG in partnership with the private sector will continue to support MSMEs – Osinbajo

283,023 Nigerians employed by MSMEs have benefited from FG Payroll Support Scheme

FG warns applicants of N75 billion MSME Fund against fraudulent websites

How President Buhari plans to boost Power supply, job creation in 2021

Covid-19: Restrictions cost Lagos MSMEs N2.7 billion – LCCI

Micro, Small and Medium Enterprises policy review awaiting FG approval – SMEDAN

The role of small businesses in Nigeria’s post-Covid recovery plan

FG needs to review regulation of small and medium businesses – Osinbajo

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