In many countries, including Nigeria, a change in government always precedes the implementation of new policies, modification and/or the overhauling of existing ones. This often translates into new responsibilities, opportunities for citizens, sectors and industries.
So, what does this mean for you as a Nigerian entrepreneur? This article will focus on nine (9) focal points to note. They include:
This administration seeks to take the payment of taxes more seriously, so, if you haven’t started paying your taxes or your books aren’t in order, you should start planning to sort these out. The current government has proposed to review “the corporate tax system” and possibly create technological systems that’ll make it easier to collect tax, identify defaulters and sanction them.
2. Loans and Credits
Does your business create employment opportunities for youths year-in, year-out? If yes, you might be entitled to tax credits, holidays and reduced interest rate loans. This government intends to provide these to businesses that hire a certain per cent of youth in their workforce and offer on-the-job training and mentoring for their young employees.
3. Industrial Hubs
Industrial hubs focused on different aspects of production may be developed in different parts of the country to increase development and Gross Domestic Product (GDP).
- North West and North East: Hubs focused on textiles.
- South East and South South: A Dry port
- South West: Hubs for the refinement of fine quality sand into quality glass items
- North Central: Hubs for solid mineral exploration and exploitation
Furthermore, household items including dishes and pottery will be manufactured in cities or towns with clay. Regulated mining will also be implemented in the North West and North Central to control unlicensed gold mining activities.
Are you in the agri-business sector? Then, this might interest you. Some of the intended developments in this sector include:
- The creation of fresh produce storage facilities in major marketplaces of major cities and town.
- The introduction of commodity boards to establish minimum prices for crops such as cashew, cocoa, sesame, soya, cassava, yam, rubber, okra, palm kernels, groundnut and okra. The aim of this is to ensure that farmers all over the country earn minimum incomes.
- The prioritization of farm-to-market roads and freight networks for smooth transportation of agricultural produce.
- Reformation of the Bank of Agriculture (BoA) to consistently provide farmers with access to low-cost loans. Also, the Central Bank of Nigeria’s (CBN) Anchor Borrower’s Program and Agricultural Credit Guarantee Scheme will be expanded.
New accreditation standards and curriculum may be introduced into the Nigerian educational system. Peradventure you’re a primary, secondary or tertiary institution founder, you might want to start preparing for this possible change.
The health sector may experience an improvement in health research as the government aims to collaborate with the private sector to fund local research with 1% of pooled health insurance funds for new drugs, vaccines and disease epidemiology.
7. Digital Technology
There’s a likelihood that startup founders will have increased access to financing as this administration proposes to “develop and implement innovative policies to support local funding opportunities and access to capital for start ups and encourage foreign investors to continue investing in Nigeria.” Moreover, blockchain and cryptocurrencies will undergo a reformation that will ensure effortless accessibility and use.
8. Entertainment and Culture
This administration proposes to create a special investment fund for young entrepreneurs and businesses in the creative industries to easily access grants and affordable loans.
It also seeks to launch a hospitality training program to equip young Nigerians with the skills and knowledge required to operate in the tourism and hospitality industry, and an animation hub for animators to foster idea creation and collaboration across diverse teams.
9. Youth Empowerment & Entrepreneurship
Other specific plans for young Nigerian entrepreneurs include:
- Low-cost loans
- Business mentorship
- Business incubation centres
- New social investment programs for Micro, Small and Medium Enterprises (MSMEs)
- Digital MSME academy to acquire the necessary knowledge, skills, and connections to run and grow a business
To gain an in-depth overview of the specific plans of the new government for Nigerian entrepreneurs, download the manifesto here.