LCCI President Urges Reform for SMEs in Nigeria

Mr. Leye Kupoluyi, the President of the Lagos Chamber of Commerce and Industry (LCCI), raised significant concerns regarding the challenges faced by small and medium-sized enterprises (SMEs) in Nigeria during a press conference focused on the state of the economy. He highlighted that these manufacturers are burdened by excessive regulatory requirements, particularly the need for multiple registrations for products with identical formulations but different packaging sizes.

This duplication leads to increased compliance costs, delays in market entry, and hinders business expansion. Kupoluyi also criticized the fiscal regime that imposes duties on imported printing inputs while waiving duties for imported books, which negatively affects local printing firms.

He urged the government to harmonize product registration processes and adopt a risk-based approach. Additionally, he pointed out that policy inconsistencies regarding agricultural exports are discouraging investments, particularly in the cocoa sector, and called for greater policy consistency and improved access to financing to enhance agricultural productivity and export competitiveness.