- Economic policy reforms of fuel subsidy removal and unification of official exchange rates
Business stakeholders have identified a lack of micro, small, and medium-sized enterprises (MSMEs), as well as policies such as multiple taxation, access to finance and free-interest loans, and ease of doing business, as the country’s development stumbling blocks.
This was the submission made at the “Economic Reforms and MSME Development for Maximising Diversification, Opportunities for Indigenous Businesses” International Summit and Exhibition, which took place in Abuja on Friday.
Ubadigbo Okonkwo, Chairman of the Board of Trustees of the National Association of Small and Medium Enterprises (NASME), said it is high time the Association collaborated with the Bank of Industry (BoI) to ensure that MSMEs benefit from available government interventions.
While commending President Bola Tinubu for taking bold economic policy reforms of fuel subsidy removal and unification of official exchange rates which he said have improve the fiscal performance of the economy with more on health and education, Okonkwo called on the Central Bank of Nigeria (CBN) to stop what he described as being a referee and a player in the same field.
“In May, last year, the Bola Ahmed Tinubu administration made a very strong start by adopting two bold policy reforms that his predecessors had brushed under the carpet; the fuel subsidy removal and unification of official exchange rates.
“The government also took measures to improve the fiscal performance of the economy by spending more on health and education.
“However, a new team in the Central Bank of Nigeria decided to focus on its core mission of price stability and fighting inflation and to exit from development finance.
“I believe that their development finance functions should be transferred to the direct foreign investments (DFIs) in the country particularly the Bank of Industry, DBN NEXIM, BOI and the rest of them.”