2024: Simplify Taxes, Regulatory Framework for Businesses, ACCI Urges FG

The Abuja Chamber of Commerce and Industry (ACCI) has called on the federal government to streamline taxes and eliminate redundant regulatory activities that have resulted in the shutdown of numerous firms in past years.

In a statement released yesterday, Chief Emeka Obegolu, SAN, the President of the Abuja Chamber of Commerce, highlighted the challenges faced by the business environment in 2023. These challenges include the high operational costs due to the removal of fuel subsidies, volatility in foreign exchange rates, excessive tax burdens, unreliable power supply, insecurity, and domestic debts.

The year 2024 has provided the government and stakeholders with a chance to tackle these concerns and give priority to the creation of business-friendly policies that facilitate ease of doing business and stimulate economic growth.

He suggests that the FCT Administration and state governments should align their tax policies to avoid burdening businesses and causing unnecessary failures. Additionally, he emphasises the importance of enhancing the ease of doing business in Nigeria, as the country’s current ranking of 131 out of 190 economies, according to the latest World Bank ratings, indicates a pressing need for economic stimulation.

Addressing his 7-point agenda for businesses in 2024, he emphasised the pivotal significance of Micro, Small, and Medium-scale Enterprises (MSMEs) in Nigeria’s economy. He stressed the significance of improving financial accessibility through a dependable database of businesses, while also asserting that a consistent power supply is essential and urging sub-national entities to engage in power generation, distribution, and transmission.

Chief Obegolu emphasised the necessity of optimising and simplifying regulatory procedures, hence minimising excessive red tape and eliminating redundant activities among agencies. Streamlining the process of acquiring permissions, licences, and approvals will remove obstacles that hinder innovation and hinder the rapid expansion of firms, particularly small and medium-sized enterprises (SMEs) which are crucial to our economy.