The Federal Government has reaffirmed its dedication to supporting micro, small, and medium enterprises (MSMEs) through a series of tax incentives designed to foster growth and sustainability within the sector.
This commitment was articulated by Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), at the inaugural MSME Finance Awards organized by The Economic Forum Series in collaboration with Nairametrics and DigiComm Enterprise.
Represented by his special adviser, Collins Omokaro, Adedeji outlined the government’s focus on creating a conducive environment for MSMEs. “The Federal Government, through FIRS, has introduced reforms to ease the financial burden on small businesses,” he stated.
According to the Company Income Tax Act, small businesses are currently exempt from corporate income tax and are not required to collect value-added tax, making it easier for them to thrive.
The FIRS is also considering proposals to further raise the threshold for tax exemptions, allowing more MSMEs to benefit from these initiatives. Adedeji emphasized that the government’s tax policies aim to simplify compliance, encourage formal participation in the economy, and ensure broader access to tax reliefs.
The MSME Finance Awards celebrated the significant role that MSMEs play in Nigeria’s economy. Ugochukwu Obi-Chukwu, CEO of Nairametrics, highlighted that these enterprises employ over 80 percent of the workforce and drive innovation across multiple sectors.
“It is vital that we continue to support this sector through effective policies, incentives, and collaboration between the private and public sectors,” he noted.
During the awards ceremony, several organizations were recognized for their contributions to the MSME landscape. Access Bank received the title of MSME Bank of the Year for its tailored financial services, while Moniepoint was named MSME Microfinance Bank of the Year for its innovative microfinance solutions. E-Tranzact was awarded for excellence in payment security and fraud prevention, and Mastercard was recognized for its efforts in enhancing MSME financial inclusion.
Jude Ndu, CEO of The Economic Forum Series, reiterated the importance of MSMEs as key drivers of economic growth, urging strategic partnerships to provide necessary financial support and mentorship.
