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Why gov’t must support SMEs, SMPs – ICAN

The Institute of Chartered Accountants of Nigeria (ICAN) has stressed the need for government to support Small and Medium Enterprises (SMEs), Small and Medium Sized…

The Institute of Chartered Accountants of Nigeria (ICAN) has stressed the need for government to support Small and Medium Enterprises (SMEs), Small and Medium Sized Practices (SMPs), and other players in the informal sector who are worse hit by the lockdown occasioned by the coronavirus pandemic.

President of the Association, Mrs. Onome Joy Adewuyi, during a media chat in Lagos said most of the SMEs and SMPs might have consumed their capital in order to survive.

Adewuyi emphasised the need for them to be given one-year interest free loans by development institutions so that they can revive their businesses. “When they start to grow and prosper, they will pay back the loans while the government will reap taxes from them,” she suggested.

On steps to be taken to set Nigeria on the path of economic growth, the ICAN president said the country must evolve a strategy for the export of intangible human expertise to drive its development.

She also urged the government to create business hubs based on specialisation in different zones of the country.