Over five million micro, small and medium enterprises (MSMEs) have closed down in the last year due to unfavourable business environments, The Guardian newspaper reported, citing the Nigerian Association of Small and Medium Enterprises (NASME).
The association Chairman Dr. Abdulrashid Yerima lamented that the survival of businesses had become the most difficult, stating power cuts have negatively impacted competitiveness.
NASME Deputy President, South, Otunba Gbemi Oduntan, stated the ease of doing business initiatives as not seen across the country.
She said the current situation would aggravate the food crisis, adding that the recent flooding has impacted several farmers.
Moreover, infrastructure and multiple levies are among some of the challenges.
“For every state, there’s a levy to pay for the movement of goods. MSMEs have done advocacy to reduce taxes, yet nothing seems to have changed,” she noted.
(Editing by Seban Scaria email@example.com )