An entrepreneur is some one who creates, organize and manages their own business often taken risks and innovating to solve problem or meet market needs , they are in various sectors such as tech ,start up to small local business.
The Nigeria Government is offering various business support and incentives to entrepreneurs aiming to boost economic growth and job creation by:
Grant and funding
The Government provides grants and funding opportunities through program like the presidential conditional grant scheme and the Tony Elumelu foundation entrepreneurship programme etc
Tax incentives
The Nigeria tax Act (NTA) 2025 offers performance based credit on eligible capital expenditure for manufactures
Business Registration support
SMEDAN help business formalize thier operation by registering with the corporate affairs commission( CAC)
Capacity building
SMEDAN provide training in business, planning , marketing , financial management and customers services
Market linkages
SMEDAN connect entrepreneurs to buy,market and trade fairs to increase visibility and sales
Some initiatives in Nigeria are:
Youth Entrepreneurship Support (YES) Programme
This offers grants and training to young entrepreneurs
Lagos state employment trust fund
This platform provides funding, mentorship and capacity initiatives to entrepreneurs in Lagos state
Agricultural -Business small and medium enterprise investment schemes (AGSMEIS)
Offer affordable financing to entrepreneurship in Agriculture and other sectors
Let us take a look at Nigeria legal frame works for entrepreneurship business in Nigeria
Business registration and corporate Governance
Register with the corporate affairs commission (CAC) under the companies and allied matters Act (CAMA) 2020. Maintain up to date records, file annual returns and adhere to corporate governance structures.
Comply with the Nigeria code of corporate Governance (,NCCC) 2018 and financial reporting council of Nigeria (FRCN) guidelines.
Tax compliance
Register with the federal inland revenue services (FIRS) and state inland revenue service for taxes including: Company income tax (CIT), Value added tax (VAT), Personal Income tax (PIT) and Withholding tax (WHT)
File annual returns and remit taxes accordingly
Industry – specific – registration for compliance
Obtain necessary licenses and permits from regulatory bodies such as :-
Central of Nigeria (CBN ) for Financial institutions and services
Security and exchange commission (SEC) for capital market activities,
National Agency for food and drug administration and control (NAFDAC )
For food and pharmaceutical industry among others
Labor and employment laws
Comply with labor laws including
Employment compensation acts
Pension reform act
National industrial court Act
Register with the Nigeria social insurance trust fund (NSITF ) and remit pension contributions .
In conclusion, an intending entrepreneurs needs to be aware of this procedures before undertaking in any entrepreneurship business in Nigeria
Let guide our entrepreneurs in the right direction in view of the renewed hope Agenda of APC administration in Nigeria.
– Benjamin Ibrahim writes from Lokoja, Kogi state.
+2348069596250
