LCCI Sensitises SMEs on Govt Policies

The President, Lagos Chamber of Commerce and Industry, LCCI, Mr. Babatunde Ruwase, has urged operators in the small and medium enterprise (SME) sector to familiarise themselves with government policies in order to benefit from its provisions.

This was disclosed at a workshop held yesterday with the theme: “Preparing SMEs/Corporates for 2018, organised by the chamber in collaboration with Nigeria Inter-Bank Settlement System Plc.

The LCCI president called on SMEs to study the recent policies of government towards improving access to credit, payment of taxes, starting a business, trading across borders and execution of contracts to explore their provisions and benefits.

“According to him, two bills were signed into law to improve the business environment. We now have the Secured Transactions in Movable Assets Act and the Credit Reporting Act 2017. There are also special intervention windows in the foreign exchange market through which SMEs can access forex for their imports.

“We need to start looking for possibilities within the system as government continues with the implementation of the Economic Recovery and Growth Plan.”

Ruwase urged the government to continue to tackle issues of multiple taxation, inconsistent policies, challenges of regulatory environment and insecurity in the country.

“For company executives and entrepreneurs, I draw your attention to the enormous potential in technology, the new media and available smart communications and the e-commerce platforms to boost your operations and marketing in this new age of digitalisation,” he said “Today’s occasion gives practical expression to our resolve to contribute to the discourse of issues of critical importance to the private sector and especially the SME sector of the Nigerian economy,” he stated.

He added that the theme of the workshop; Preparing SMEs/Corporates for 2018: Financial Perspectives; was very timely considering that it was a new year and businesses needed to strategise and explore emerging opportunities and manage inherent risks.