The Association of Small Business Owners of Nigeria, ASBON, has noted that 2024 seems to be the most challenging year in recent times for micro, small and medium enterprises, MSMEs.

ASBON President, Dr Femi Egbesola, emphasized the need for the government to embark on urgent reforms to address the challenges of the private sector in the new year.

He told Vanguard: “While we were still grappling with the effects of fuel subsidy removal, floating of the Naira and many others in 2023, 2024 came with many more death-dealing blows for the MSMEs ecosystem.

“This year, we had hyperinflation, hike in electricity tariff and other government levies, electronic money transfer bank charges, increase in fuel price, free fall of Naira, high interest rates due to increase in MPR, and many more, resulting in the ailing and eventual death of a number of businesses.

“In the midst of this, towards the end of this year was the release of the long awaited federal government intervention fund, the proposed national tax bill and a pocket of other interventions, bringing some succour and relief to small businesses,” he stated.

Egbesola, however, said: “Even in the middle of all of this, we are very hopeful of a better and brighter future, starting from 2025.

“We eagerly look forward to stronger collaboration with the government, particularly in areas of policy making and reforms relating to MSMEs.”

The Nigerian Association of Chambers of Commerce Industry Mines and Agriculture, NACCIMA; Manufacturers Association of Nigeria, MAN, and Lagos Chamber of Commerce and Industry, LCCI, also gave their thoughts on 2024 and the looked into the new year.