Chairman of the National Association of Small and Medium Enterprises (NASME) in Oyo State, Mr John Karunwi, has stated that Nigeria’s rebased Gross Domestic Product (GDP), now valued at ₦372.82 trillion, is set to unlock new tax reliefs, financing avenues, and growth pathways for Micro, Small and Medium Enterprises (MSMEs).
Speaking with journalists on Monday in Ibadan, Karunwi described the revised GDP framework as a shift that will redefine the operating environment for MSMEs, with implications across taxation, funding, business competitiveness and strategic planning.
The GDP rebasing updated the base year from 2010 to 2019, leading to a 41.7 per cent nominal increase for 2019 and subsequent years. The adjustment placed Nigeria’s GDP at ₦372.82 trillion for 2024.
According to Karunwi, this revised national output figure strengthens the foundation for the application of new tax legislation that exempts small enterprises with annual turnover below ₦50 million from company income tax.
He added that the rebased GDP would improve tax enforcement mechanisms for qualifying businesses and help identify expanding sectors that offer investment potential.
“The rebasing will help identify growing sectors for investors and boost foreign investment confidence,” he said. “This will translate into increased access to finance for MSMEs as more funding opportunities open up.”
Karunwi also pointed to the potential for better-targeted policy support, particularly for sectors that had been previously overlooked. He believes this would promote fairer competition and capacity development across Nigeria’s MSME space.
“Businesses will now need to be data-driven, strategic, and make informed decisions to remain competitive in the evolving economy,” he said.
He encouraged MSME operators to make full use of the renewed confidence projected by the rebased GDP figures to attract investment, scale operations, and seize emerging market opportunities.
The GDP rebasing exercise was designed to incorporate under-reported and newly dominant sectors into national accounts, including the digital and creative industries, marine and blue economy, fintech, and real estate.
It also recognised previously excluded areas such as arts, tourism, and the informal sector, which employs over 90 per cent of the country’s workforce.
Real estate has now emerged as Nigeria’s third-largest GDP contributor, surpassing the crude oil sector, which currently represents just five to six per cent of total output.