Onome Amuge
Nigeria’s leading business chambers have placed micro, small, and medium enterprises (MSMEs) at the centre of the country’s economic transformation agenda, urging the government to strike a balance between taxation and incentives that encourages sustainability, innovation, and long-term investment.
Speaking at the opening of the 20th Abuja International Trade Fair on Wednesday, the Abuja Chamber of Commerce and Industry (ACCI) and the National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) warned that without fair tax regimes and stronger support frameworks, the economy risks stalling its ambition of building a $1 trillion economy by 2030.
With the fair drawing more than 100,000 participants, including exhibitors from four continents, the focus this year is on the theme, “Sustainability: Consumption, Incentives, and Taxation.” Organisers described it as a rallying call for both government and business leaders to rethink how Nigeria consumes, invests, and regulates.
NACCIMA President, Jani Ibrahim, praised the recently announced framework exempting businesses with turnovers below N100 million from taxation starting in 2026. He said the policy, if properly implemented, could unleash capital formation for MSMEs. “Capital formation is key for the growth of small enterprises, which in turn drive national economic expansion. Incentives must support innovation, renewable energy, digital trade, and MSME competitiveness,” he said.
He added that Nigeria’s role as host of the Intra-African Trade Fair in 2027 presents a unique opportunity to showcase its entrepreneurial capacity and attract cross-border investments under the African Continental Free Trade Area (AfCFTA).
ACCI President, Emeka Obegolu, noted that while taxation remains a necessary tool for government revenue, the emphasis must shift towards aligning fiscal policy with sustainable development. “This 20th edition is more than an exhibition; it is a platform to reimagine policies that support responsible production, attract investments, and strengthen environmental stewardship,” Obegolu said. He highlighted the trade fair’s role in facilitating billions of naira in deals over the years and called for a Nigeria-first agenda that anchors industrial growth in local content and innovation.
A key feature of the fair is the launch of BABA FEST (Buy Africa, Build Africa), a showcase designed to promote African products and deepen intra-African trade. Panel discussions involving tax authorities, banks, and business leaders are also addressing how digitalisation can streamline tax compliance and reduce the burden of multiple taxation, a persistent complaint among SMEs.
From the corporate perspective, Fatima Wali Abdurrahman of Dangote Industries spoke on how well-designed incentives can accelerate private sector investment in sustainable practices. She cited renewable energy adoption and waste-to-wealth initiatives as examples of areas where government policy could catalyse both economic and environmental benefits.
“For us at Dangote, we recognise that when strategically applied, taxation can serve a dual purpose: discouraging unsustainable business practices while generating revenue for essential public services and infrastructure. Such investments ultimately create an enabling environment for industries like ours to thrive, while building a stronger and more resilient Nigerian economy,”she said.
Abdurrahman further stressed the need to process more raw materials locally instead of exporting them and importing finished goods. “This will not only create jobs and grow industries, but also reduce our dependence on imports and strengthen our economy,” she added.
