AfCFTA, Moniepoint push MSMEs beyond Nigeria
Nigerian business owners heard advice on Sunday about selling products across Africa through the continental free trade agreement. Industry Minister Jumoke Oduwole told entrepreneurs at a Moniepoint event in Abuja to think beyond local markets and tap into regional demand. The trade pact connects 1.4 billion consumers and offers preferential tariff treatment for Nigerian goods. Government agencies have launched programs to help small firms export more easily.
The country approved new tax rules that exempt companies earning below 50 million naira from income levies. Small and Medium Enterprises Development Agency leader Charles Odii said authorities will register 250,000 informal businesses at no cost. The Moniepoint report showed 65 percent of surveyed firms grew revenue last year, but rising expenses hurt profits. Nearly half of operators lack savings to cover one month without income.
Officials reduced air freight costs by up to 75 percent through a cargo partnership with Uganda Airlines serving 13 African nations. The government created a 50-million-dollar fund to train women exporters and connect them with international buyers. Transfer payments now account for 48 percent of supplier transactions as digital adoption spreads. Weak infrastructure and limited access to affordable credit remain barriers for most small enterprises.
