Mr John Karunwi, Chairman, National Association of Small and Medium Enterprises (NASME) in Oyo State says Nigeria’s rebased GDP of N372.82 trillion will open new tax incentives,
By Ibukun Emiola
Mr John Karunwi, Chairman, National Association of Small and Medium Enterprises (NASME) in Oyo State says Nigeria’s rebased GDP of N372.82 trillion will open new tax incentives, funding opportunities, and growth prospects for Micro, Small and Medium Enterprises (MSMEs).
Karunwi told the News Agency of Nigeria (NAN) on Monday in Ibadan that the development would reshape the MSME landscape, affecting taxation, financing, competitiveness, and strategic business operations.
The NAN recalls that the rebased exercise updated the GDP base year from 2010 to 2019.
It raised nominal GDP by about 41.7 per cent for 2019 and subsequent years, culminating in N372.82 trillion for 2024 .
The NASME chairman said the new GDP figure would support the implementation of the new tax law, which exempts small businesses with a turnover of less than N50 million from company income tax
Karunwi noted that the rebased GDP would enhance enforcement for taxable enterprises.
“The rebasing will help identify growing sectors for investors and boost foreign investment confidence.
“This will translate into increased access to finance for MSMEs as more funding opportunities open up,” he said.
Karunwi also stated that the rebasing would enable targeted support for under-represented sectors while driving competitiveness among MSMEs, ultimately leading to improved capacity building.
“Businesses will now need to be data-driven, strategic, and make informed decisions to remain competitive in the evolving economy,” he added.
The NASME chairman urged MSME operators to leverage the credibility boost from the rebased GDP to position themselves for growth, attract investors and take advantage of emerging opportunities.
NAN also recalled that the rebasing was designed to bring into account previously excluded or under-reported sectors such as digital and creative industries, marine and blue economy, fintech, and real estate.
Others are arts and tourism, and the vast informal sector that employs over 90 percent of Nigerians.
As a result of this, real estate now ranks as the third-largest subsector, above crude oil, which now accounts for just five to six per cent of GDP. (NAN) (www.nannews.ng)