Billionaire and philanthropist, Aliko Dangote, has urged government to “loosen some of its tight regulations” in other that small businesses can thrive, especially in the face of harsh economic realities facing the country presently.

Dangote was of the opinion that the small and medium enterprises would perform better if given tax holidays or seasonal exceptions.

He said: “With the way the economy is going now, we are in a time when the government should loosen some of its tight regulations so that businesses can grow.

“Small and medium enterprises are at the risk of taxes from Local, State and Federal Governments, and other regular taxes that agencies demand from them.

“This is not to say that taxes are not part of running a business. Of course, business owners should pay taxes, but the channels should not be too much in such a way that will discourage them.”

Dangote also urged government to “look into the area of concessions for businesses at this time, in order to boost their capacities” while also urging upcoming businesses “not to spend all their profits and avoid over projection.”

Dangote, Africa’s wealthiest man, pointed out that one of the greatest challenges with Nigerian-owned businesses was that they spent their profits too early.

He also urged entrepreneurs to run their businesses with bankable proposals in mind to attract investors.