Cost of doing business slowing down SMEs growth, ACCI cries out

The President, Abuja Chamber of Commerce (ACCI), Prince Adetokunbo Kayode has noted that the high cost of doing business in Nigeria was impacting negatively on the growth of Small, Medium Scale Enterprises (SMEs) in the country.
Kayode who stated this at the ongoing 13th Abuja Trade Fair holding in Abuja further lamented that government agencies wrongly impose tax on companies before profits According to him, it is more shocking that governments at every level continue to take up to 10-15 percent of part of loans granted to SMEs in the name of consent fees, stamp duties, tittles, registration fees, filling fees at the Corporate Affairs Commission (CAC) while the banks also collect another 10 percent or more through administrative charges and documentation costs.
The former Minister, also used the opportunity call on the Joint Admission and Matriculation Board (JAMB) to stop over charging poor Nigerians who sit for the exams saying that “they need do is to refund their so-called profits to the poor parents of these student instead of paying the money to government, reduce its fees because JAMB is a regulatory body, it’s not suppose to make profits.” Also, the National President, National Association of Chambers of Commerce, Industry, Mines and agriculture (NACCIMA) Iyalode Alabi Lawson said that time has come for government to move away from oil, embrace agriculture and empower the SMEs to take the lead in economic development.

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