By: Van
Soul Addey
MTN Nigeria Chief Executive
Officer and Managing Director Karl Toriola has called for stronger execution of
economic reforms to ensure they reach the micro, small and medium-sized
enterprises (MSMEs) they are designed to support.
Toriola made the call while
delivering the keynote address at the 7th Development Bank of Nigeria (DBN)
Annual Lecture in Abuja, on the theme “From Policy to Prosperity: Translating
Economic Reforms into MSME Growth.”
He said the Federal
Government’s tax reforms and the patient capital deployed by DBN and financial
institutions had laid a solid foundation for inclusive growth, but stressed
that more work was needed to translate the reforms into tangible benefits for businesses.
“MSMEs are the backbone of
our economy,” Toriola said, adding that “the task ahead now is execution:
making sure these reforms reach the businesses they were designed to serve.”
He outlined four priorities
for accelerating MSME growth: digital public infrastructure, alternative credit
data, lower costs of doing business and improved market access.
On digital public
infrastructure, Toriola called for links between national databases, including
the Corporate Affairs Commission (CAC), to enable lenders to verify MSMEs
quickly and at a lower cost.
He also urged collaboration
with regulators to allow telecommunications, utility and point-of-sale (POS)
records to support lending decisions based on cash flow rather than collateral
alone.
To reduce the cost of doing
business, he proposed harmonising state and local taxes through digital portals
and scaling solar energy to lower energy costs.
On market access, he
highlighted the role of digital commerce platforms, including MTN Kiya, in
connecting entrepreneurs to customers.
“At MTN Nigeria, we remain
committed to partnering with state governments and development agencies to
build this infrastructure and help our entrepreneurs compete and win across
Africa under the AfCFTA,” he said.
Toriola thanked the DBN
chairman, managing director and the entire team for convening the dialogue,
stressing the need to move from policy direction to implementation.
“The direction is clear.
Now, we deliver,” he said.
