IEAMA, entrepreneurs seek lower taxes, affordable financing to boost businesses

By Chidimma Oparaochaekwe

The Institute of Entrepreneurship and Apprenticeship Management and Administration IEAMA, and private sector leaders have called on the Federal Government to reduce taxes, improve infrastructure and provide affordable financing to businesses to promote entrepreneurship, create jobs and strengthen the economy.

The call was made at the second edition of the Finance Must Meet Enterprise, FME, 2026 programme, investiture and awards held at the Lagos Chamber of Commerce and Industry, Ikeja, Lagos, with the theme, “Financing the Future: Building Resilient Enterprises for Sustainable Economic Growth.”

Speaking at the event, Chief Chidi Nkem-Aruoma, Immediate Past President of Umuahia Chamber of Commerce and Immediate Past President of the Traders Association of Nigeria, Abia State, said many businesses were struggling with high operating costs, inadequate financing, poor roads, unreliable electricity and low purchasing power.

“Without enterprise, capital may remain unproductive. Without finance, enterprise potential may remain unrealised. But when finance meets entrepreneurship, opportunity multiplies.”

He called for lower taxes, a level playing field and improved access to financing through institutions such as the Bank of Industry and Bank of Agriculture to enable entrepreneurs acquire machinery, train workers, expand their businesses and increase production.

Nkem-Aruoma also called for functional seaports in the South-East, improved rail connections linking Lagos, Aba, Kano and Port Harcourt, better security and stronger support for locally made products. He urged entrepreneurs to invest in agriculture and rice production, develop succession plans and consult with organised private sector groups, including the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture.

He commended the Abia State Government under Governor Alex Otti for promoting made-in-Aba products and supporting small and medium-sized enterprises.

“The time has come for us to promote Nigeria to Nigerians.”

Earlier in his address, the Director-General and Registrar of IEAMA, Dr Jerry Ibeh, said the institute was established to professionalise entrepreneurship and apprenticeship management while building stronger connections between entrepreneurs and financial institutions.

Dr Ibeh said entrepreneurs often had business ideas but lacked the funds to implement them, while financial institutions had funds but needed credible borrowers with viable business plans. He said the institute was working with partners, including Wema Bank and RegXtra, to bridge the gap between finance and enterprise.

He said the choice of the theme was based on the need to address the financing challenges facing entrepreneurs and help businesses move from survival to sustainability. He explained that many entrepreneurs had ideas and potential but needed access to appropriate financing, business knowledge, strategic partnerships and a supportive environment to grow.

He added the sub-theme focused on building an inclusive enterprise financing system through innovation, strategic partnerships, financial inclusion and structured entrepreneurship.

“Finance Must Meet Enterprise is more than an event. It is a platform for economic connections and enterprise transformation.”

He said loan applications could be processed within 25 hours after due diligence, business assessment and the necessary training, adding that entrepreneurs needed to understand their markets, prepare feasibility studies and borrow responsibly.

Dr Ibeh also announced plans for monthly professional training from January 2027, both online and in person, to help entrepreneurs improve their business management skills. He said the programmes would be open to members and non-members, with training on artificial intelligence for beginners, including how to start and grow businesses from home.

“Finance must meet viable enterprise.”

In his keynote address, National Vice-President of the Institute of Entrepreneurship and Apprentice Management of Nigeria, Dr Adeniyi Adekunle, called on financial institutions to develop more flexible financing options that reflect the realities of small businesses.

Dr Adekunle recommended cash-flow-based lending, equipment financing, purchase-order financing, credit guarantees and financial advisory services. He also urged lenders to develop dedicated programmes for women, young entrepreneurs and apprentices seeking to establish independent businesses.

“When finance meets entrepreneurship, ideas become industries, innovation becomes productivity, and dreams become economic realities.”

He said entrepreneurs also had a responsibility to prepare their businesses for investment by keeping proper financial records, separating personal and business finances, developing clear business plans and maintaining accountability.

“The solution to enterprise failure is not always more money.”

He proposed the establishment of an IEAMA Finance Meets Enterprise platform to provide enterprise-readiness training, connect businesses with potential financiers, build a network of mentors and provide information on funding opportunities. He said any proposed enterprise support fund or credit-enhancement arrangement would require appropriate governance, funding and regulatory compliance.

Dr Adekunle urged the government to improve infrastructure and create a business-friendly environment, noting that entrepreneurship and apprenticeship could help address unemployment, poverty and insecurity. He identified agriculture, food processing, manufacturing, renewable energy, technology and tourism as sectors with opportunities for enterprise development.

The panel session on “How Finance Shapes Enterprises Before External Investment” also examined the need for entrepreneurs to understand market demand, assess their operational capacity and determine their actual financing needs before approaching lenders.

The panel emphasised the importance of digitalisation, credit scoring and financing arrangements suited to a business’s stage of development, cash flow and repayment capacity.

The speakers called for stronger collaboration among government, financial institutions, business associations and entrepreneurs to translate discussions into measurable results. They stressed the need for improved access to affordable financing, better infrastructure, practical business training and supportive policies to help enterprises grow, create jobs and contribute to sustainable economic development.

The highpoint of the event was the investiture of Dr. Adeniyi Samson Adekunle as the Pioneer President/Chairman of the Governing Council of IEAMA, alongside the induction of the fellows, associates, senior and full members of the Institute and FME awards.