Nigerians are not short of ideas. You just need to interact with the young ones, to marvel at the depth of ideas being nurtured by these upcoming entrepreneurs. It is therefore important to help them catalyze these business ideas into reality, creating more jobs, otherwise these ideas will soon turn to illusion. We must therefore cultivate more Micro, Small and Medium Scale Enterprises (MSMEs) because MSMEs are the catalyst for growing any economy.
According to a Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) report available at http://nigerianstat.gov.ng/pdfuploads/SMEDAN%202013_Selected%20Tables.pdf, there are about 37million MSMEs in Nigeria, which is about 22% of the total population of Nigeria that currently stands at 170 Million. What is instructive is that of these 37 Million MSMEs, only 335,604 representing less than 1% are in the Information and Communication area.
The fact that NIRA has only reached less than 10% of the ICT based-MSMEs population, going by our present domain count, suggests that there is plenty of work to be done, to make more Nigerians register .ng names. It is safe to conclude that growing the domain count is growing the MSMEs space in Nigeria.
MSMEs will flourish more in Nigeria, if we create a more conducive environment. The process of registering businesses must be simplified as well as the paperwork required. MSMEs need to enjoy better tax conditions, which should be between 5% and 10% of their profit, so that Government can bring more of them under the tax umbrella and better monitor their activities. Tax evasion is one of the key reasons that drives a wedge between the MSMEs and those relevant Government agencies that should monitor their activities. Bringing them into view also gives them better access to business tips as well as financial support in form of loans and subsidies.
From recent interactions between the NIRA registry and the NiRA Accredited Registrars, it is clear that many are re-positioning for the year 2017. With the over 37million MSMEs in Nigeria, the potentials are there and it is heart-warming that your association is gearing for the future of online businesses in Nigeria. The future looks bright for all, if only the MSMEs can flourish.
As the year draws to a close, do not forget to register, protect and maintain your online business presence with a .ng domain name. Remember to stay safe online and keep your loved ones safe. There is a future for the online ‘real estate business’, and you should not hesitate to be a major player.
Rev’d Sunday Folayan