Overregulation of businesses has been identified as one of the challenges facing growth of small and medium enterprises in Nigeria. Chief Anthony Okoye, President Entrepreneur Organisation, Lagos State Chapter, stated this in an interview with one of the country’s national dailies.
According to him, for businesses to thrive in the country, government and other stakeholders need to work on the reduction of their rigidity on some laws and policies. His words: “The SMEs are always paying for one license or the other, this tax or the other and the money is not going back into the company. It was money the owner of the company cannot reinvest into the business.”
The chief executive officer, Design Centre, said: “SMEs are the ones that bring about change, by getting more of them, you create momentum, and when you have momentum, you have movement and when you have movement, you go from transition to transformation. At transformation is where you lift up everybody. This transformation is not the case here in Nigeria because the business environment is stifling.”
On his organisation’s contributions towards the uplift of entrepreneurs and the growth of the sector, Chief Anthony noted that the organisation is working on a structure that would bolster a relationship with the Tony Elumelu Foundation and Stamford Centre of Innovation in Africa on the training of budding entrepreneurs.
He pointed out that the relationship would help in arranging financiers and conduct findings and feasibility study to be sure entrepreneurs are qualified for the funds.
Chief Anthony Okoye granted This Day the interview