In a bold move to empower small business owners with the tools for long-term success, kakalistiq.com reports that two Lagos State Permanent Secretaries led key stakeholders at a high-impact engagement where Micro, Small and Medium Enterprises (MSMEs) were equipped with practical insights on financial discipline, sustainable business growth and strategies for scaling operations under President Bola Ahmed Tinubu’s tax reform agenda.
The programme, themed “Building a Vibrant Tax Culture and Financial Accountability for Sustainable Growth,” was organised by the Financial Literacy and Accountability Initiative in partnership with ATM Investment Limited on Saturday 7th February, 2025, at the Lagos Theatre, Epe.
Principal sponsors, Mr. Semiu Kadri, Permanent Secretary, Office of the Chief of Staff, Lagos State and Mrs. Alaka Titilope, Permanent Secretary, Office of Internal Audit, Lagos State, described the workshop as timely and strategic.
“This programme addresses issues that are fundamental to enterprise resilience and national development. A vibrant tax culture is not just about revenue generation; it is about shared responsibility, trust, transparency and accountability between the government and the business community,” they said.
They noted that Nigeria’s evolving tax environment presents both opportunities and challenges, adding that workshops of this nature help demystify policies and strengthen compliance.
“When businesses understand their tax obligations and comply willingly, public confidence is strengthened and service delivery improves. This lays a solid foundation for sustainable economic growth,” the sponsors stated.
Chairman of the Day, Prof. Nosiru Onibon, traced the changing dynamics of employment and entrepreneurship in Nigeria, lamenting that many artisans now abandon their trades for government jobs due to low patronage.
“Times have changed. In the past, people left government jobs for trade and became successful. Today, we see entrepreneurs abandoning businesses for salaried employment. That is not healthy for the economy,” he said.
Prof. Onibon stressed that MSMEs remain the engine of Nigeria’s economy and urged business owners to properly monitor and expand their enterprises.
“As businesses grow, tax becomes necessary to enable the government to provide basic amenities. Tax compliance will always translate into growth and development,” he added.
In his address, the convener, Balogun Sobur, said the initiative was born out of the need to correct misconceptions surrounding tax reforms and promote sound financial practices among MSMEs.
“Our mission is to help small and medium businesses grow through improved financial management and record-keeping, and to encourage informed decision-making that enhances profitability,” he said.
He urged participants to embrace focus and discipline in business, noting that sustainable growth requires clarity of purpose.
“With the guidance of our royal fathers, spiritual leaders and the support of our Permanent Secretaries, we are confident that this programme will deliver meaningful and lasting benefits to our people,” Sobur stated.
Mr. Adebisi Adeyanju, one of the guest lecturers and Deputy Bursar at Lagos State University of Education (LASUED), who spoke on “Accountability and Record Keeping: Challenges and Prospects for Small-Scale Businesses in Lagos State,” described small businesses as the backbone of the Lagos economy.
“Small-scale businesses provide employment for millions and serve as a major source of daily income for households. Accountability means being able to answer how much you sold, how much you spent and what profit you made,” he explained.
He warned against mixing personal and business funds and advised entrepreneurs to adopt simple record-keeping tools such as notebooks, ledgers and mobile phone applications.
“Record keeping does not have to be complex. Without it, you cannot truly know your profit or plan for growth,” Adeyanju said.
Dr. Kabiru Genty, a Senior Lecturer in the Department of Industrial Relations and Human Resources Management anchored his lecture on “Building Human Resource Competencies for Profit Maximization in MSMEs.” He cited SMEDAN 2025 statistics on the contribution of MSMEs to employment and national development.
“Profit maximization is achieved when business activities produce the highest possible returns. Human resource competence plays a vital role in achieving this, and government support remains essential in building MSME capacity,” he noted.
Dr. Genty identified multiple taxation and weak management skills as major challenges confronting MSMEs in Nigeria.
Mr. Tiamiyu Adesina, Managing Partner, Tiamiyu Adeshina & Co.
spoke on “The New Tax Reform Act,” explaining that the reforms include new provisions under the Nigeria Tax Act aimed at easing the burden on small businesses.
“One key aspect of the reform is the increased exemption threshold for small companies. This is designed to protect small-scale enterprises while encouraging voluntary compliance,” he said.
The event peaked with an interactive session as participants engaged the speakers with questions on taxation, accountability and business survival.
Many participants expressed renewed confidence in understanding the tax reforms, describing the programme as eye-opening and empowering.
Organisers said the engagement marked a step toward building a culture of financial responsibility and tax compliance as tools for sustainable growth in Lagos State and Nigeria at large.
More photos below as shot by @Super_Dee Photography:
