Regulatory Issues, Poor Power Supply Undermine SMES – LCCI

REGULATORY issues, lack of power supply, multiple taxation and other challenges have been identified as factors killing efforts of young entrepreneurs and manufacturing sector from thriving in the country.

The President, Lagos Chamber and Commerce Industry ( LCCI), Mrs. Toki Mabogunje, disclosing this during the grand launch of Semsey Cosmetics Manufacturing Hub, in Lagos, said notwithstanding the challenges the environment presents, the Small and Medium

Enterprises thrive.

Represented by the Head of Business Education Service Training ( BEST) unit of LCCI, Mrs. Foluke Oloniyo, Mabogunje, who commended the firm for its efforts in the cosmetics value chain, said the hub would help many other manufacturers overcome its teething problems.

The Founder and Chief Executive of the firm, Mrs. Tunbosun Afolayan, who also lamented that the SMES are faced with many challenges, especially certification by the National Agency for Food and ( SMES) would

Drug Administration and Control ( NAFDAC), called for proper regulation of the cosmetics sector to enable Nigerian products compete favourably in the international market, earn foreign exchange and grow the economy. “Thenigeriansmallscalebusiness landscape is very interesting and one of the major challenges SMES face is crossing the NAFDAC hurdle, so regulatory wise, it is a huge step for every business. This is why you’ll see that see most beauty businesses in Nigeria are not registered or certified.