Small business owners in the Federal Capital Territory (FCT) have lamented the continued high cost of doing business, saying multiple challenges are threatening their survival and profitability.

Many traders and entrepreneurs expressed this sentiment in an interview with journalists on Sunday in Abuja, listing high fuel prices, electricity bills, poor infrastructure, and unfriendly policies as major obstacles to sustaining their businesses.

Grace Okon, a fashion designer in Wuse, said the high cost of fuel and electricity tariffs had eaten deeply into her income.

“I am finding it very difficult to break even. You know my business depends so much on electricity, and the electricity tariff is very high now,” she said.

Esther Cletus, who runs a dry cleaning service at Apo Resettlement, also decried the high cost of the electricity tariff, which was affecting her business.

”It is not easy doing the dry cleaning business anymore in this town because most of what we make in the business goes into buying electricity,” she said.

Musa Abdul, who runs a mini restaurant in Garki, said the challenges were compounded by unstable food prices.

”Moreso, with the federal government’s tax reform proposed to take effect in 2026, we fear that many of our businesses may shut down.

”We are currently managing to make a profit in the midst of the various challenges, and now we have to contend with enforced tax. This is outrageous, I must say,” Mr Abdul said.

Similarly, Rashida Sule, a salon operator in Nyanya, said she feared the new tax policy would worsen the already harsh business environment in the country.

“We are still struggling with multiple levies from local officials. Adding more taxes will cripple small businesses like ours and affect the little income we use to feed our families,” she said.

Some entrepreneurs also complained about poor infrastructure, citing bad roads and inadequate market facilities as factors that reduce customer access and sales.

Nembam Atule, a trader, said, “We need good roads; the government should improve our infrastructure, subsidise electricity, and provide soft loans to small business owners to reduce the cost of production.”

Reacting to the concerns, David Alabi, a financial expert, stated that the rising operational costs were a national problem that required urgent government intervention.

“Small businesses are the backbone of Nigeria’s economy and need to be supported.

“If they are overburdened with high fuel costs, unstable electricity tariffs, and additional taxes, it will stifle growth, increase unemployment, and worsen poverty levels,” he said.

Similarly, Jessica Onwa, an economist, advised the government to balance tax reforms with policies that supported productivity.

“While taxation is important for revenue generation, it should not come at the expense of small businesses that are already struggling,” she said.

She warned that unless urgent steps were taken, FCT would see more business closures, leading to reduced household income and weaker local economies.

The federal government’s new tax reform is scheduled to take effect in 2026, a development that has heightened concerns among small business operators across the country.

(NAN)