Sole business owners in Nigeria need finance. But due to limited means, the sole business owner is unable to source for needed funds to operate favourably in the environment which the business prevails.
Increase in interest rates leads to high costs of production. However, the Nigerian government has over the years expanded its controls over the private sector, levying differential taxes and subsidies, increasing industrial prices relative to farm prices, favoring investment in key sectors. All these make it hard for local businesses to survive.
In the midst of varying challenges, Padson Industries has maintained that th company will import more cars and trucks. Skill-sets of management staff will be merged and capacity building will be a top priority. Generally speaking, multiple taxation in Nigeria continues to be a serious challenge. Business experts believe that the Nigerian government must allow businesses to fold due to problems regarding taxation. The Bank of Industry is also encouraged to get know more about SMEs and other local businesses and help them to improve.
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