In a bid to drive economic growth and development, the Federal Government has launched the Government–Private Sector (GPS) Dialogue Series on Finance and SME Growth in Lagos, starting with Igbo traders, as part of efforts to boost economic growth and support local businesses.

The programme, held on November 1 at the Radisson Blu, Ikeja, is part of President Bola Ahmed Tinubu’s Renewed Hope Agenda. It aims to improve cooperation between government officials and private sector operators, especially small and medium enterprises (SMEs), to address long-standing business challenges.

The event brought together government officials, business owners, and community leaders, mainly from the Southeast, who openly shared the difficulties facing SMEs in Nigeria.

Government assures businesses of support

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, briefly addressed participants, assuring them of the government’s commitment to creating a better environment for businesses to grow.

In her opening remarks, the Minister of State for Finance, Doris Uzoka-Anite, said the dialogue was designed to identify key problems, remove obstacles, and agree on practical solutions to improve access to finance and support enterprise growth.

Traders raise concerns

The dialogue also allowed traders to voice their frustrations. Many complained that local entrepreneurs are often ignored while foreign businesses, especially Chinese traders, enjoy more support.

Some participants questioned why the initiative focused mainly on SMEs without including larger sectors such as oil and gas. Others spoke about frequent demolitions, failed promises of loans and grants, and what they described as unequal treatment at the ports.

Several traders alleged that foreign businesses, eg, Chinese, enjoy lower clearing costs and easier access to loans, while Nigerian traders face higher interest rates and repeated seizures of goods even after paying duties.

Calls for fairness and accountability

For years, government actions have often looked like destruction rather than building. The collapse of trade fairs that the government abandoned and moved away from is fresh in our memory. Traders rebuilt what the government pulled apart. Recently, constant demolitions and broken promises about grants and loans remain vivid. We mostly hear about government support in newspapers. This time, we want direct engagement—no intermediaries.

There were also complaints about preferential treatment for Chinese traders, claiming they get reduced clearing fees and easier access to loans.

After paying duties at the port, our goods are still seized by the Federal Operations Unit (FOU), while Chinese businesses clear their goods freely. This is unfair. Prince Anthony  Nwakeze

Unequal Opportunities and Unhealthy Practices
High Chief Uzom Ndukwu, CEO of Ode Finest Ltd., criticised a system that makes it easier for foreign nationals like the Chinese and India to operate in Nigeria than for indigenous entrepreneurs.

Chinese investors get visas on arrival and loans at about 3%, while Nigerian businesses contend with interest rates around 27%. We export cocoa and cashew, yet our children can’t afford the finished products.

Chinese entrepreneurs get their goods released, which Nigerians cannot do in their own country.

Public health concerns were raised about the increasing use of chemicals in locally processed foods. Representatives of the National Agency for Food and Drug Administration and Control (NAFDAC) were accused of weak oversight, with traders warning about “dangerous levels” of chemical additives in common foods such as plantains, bananas, and groundnuts.

Business leaders also raised concerns about unequal business opportunities, high interest rates, and public health risks linked to the use of chemicals in some locally processed foods. They called on regulatory agencies to strengthen oversight and ensure consumer safety.

Some participants proposed setting up a small liaison team to work directly with the Ministry of Finance and monitor progress on government commitments, stressing the need for accountability rather than empty promises.

Veteran traders described the dialogue as a rare opportunity for honest discussion between the government and the business community, but warned that its success would depend on follow-up actions.

Customs and tax officials respond

Responding to allegations of arbitrary seizures, Frank Onyeka of the Tin Can Island Port Command and Emmanuel Oshoba of the Apapa Customs Command advised traders to ensure proper documentation. They assured participants that genuine complaints would be investigated by the Nigeria Customs Service and pledged to reduce unnecessary disruptions after lawful clearance.

Officials of the Federal Inland Revenue Service were also present to explain tax obligations and the consequences of non-compliance.

While the GPS Dialogue Series was welcomed as a positive step, the discussions highlighted deep-rooted issues affecting local businesses. For many participants, the message was clear: beyond launching programmes, they want fairness, transparency, and sustained engagement to support those driving everyday commerce in Nigeria.