The Institute of Chartered Secretaries and Administrators, (ICSAN) has tasked the federal government to do more in encouraging small businesses in Nigeria, noting that the high cost of doing business in the country is too high.
Speaking on the high cost of doing business, President of ICSAN, Gbenga Owokalade, urged the Federal Government to take necessary measures through the Central Bank of Nigeria to help the private sector.
Nigeria’s inflation rose to its highest level in 11 months, rising from 16.82 per cent recorded in April 2022 to 17.71 per cent in May.
The consumer price index, which measures the rate of inflation rose by 17.71 per cent year-on-year in May 2022, which is 0.89 per cent points higher than the 16.82 per cent recorded in the previous month (April 2022).
On a month-on-month basis, the headline index increased by 1.78 per cent in May 2022, compared to the 1.76 per cent increase recorded in the previous month.
Owokalade said the environment of business must be made user friendly and supportive of SMEs in particular, saying businesses are stressed by high inflation and worsening infrastructure
