Study govt policies, LCCI advises SMEs

Image result for President, LCCI, Dr. Nike Akande

The Lagos Chamber of Commerce and Industry has urged operators in the Small and Medium-scale Enterprises sector of the economy to study the various government policies regarding their business and acquaint themselves with their benefits.

The President, LCCI, Mr. Babatunde Ruwase, said the move would help the SMEs to remain profitable and break new market frontiers.

He spoke at at a workshop tagged, ‘Preparing SMEs/Corporates for 2018’, and organised by the chamber in collaboration with Nigeria Inter-Bank Settlement System Plc.

According to Ruwase, the workshop places special focus on financial perspectives and the SME sector in Nigeria.

“Today’s occasion gives practical expression to our resolve to contribute to the discourse of issues of critical importance to the private sector and especially the SME sector of the Nigerian economy,” he stated.

The LCCI president said the theme of the workshop was very timely because businesses needed to strategise and explore emerging opportunities and manage inherent risks at the beginning of the year.

He, therefore, called on the SMEs and corporate organisations to study the recent policies of government towards improving access to credit, payment of taxes, starting a business, trading across borders and execution of contracts in order to explore their provisions and benefits.

Ruwase said, “For instance, two bills were signed into law to improve the business environment. We now have the Secured Transactions in Movable Assets Act and the Credit Reporting Act 2017. There are also special intervention windows in the foreign exchange market through which the SMEs can access forex for their imports.

“We need to start looking for possibilities within the system as government continues with the implementation of the Economic Recovery and Growth Plan.”

The LCCI leader urged the government to continue to tackle issues of multiple taxation, inconsistent policies, challenges of regulatory environment and insecurity in the country.

“For company executives and entrepreneurs, I draw your attention to the enormous potential in technology, the new media and available smart communications and the e-commerce platforms to boost your operations and marketing in this new age of digitalisation,” he said

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