PwC MSME Survey 2020

What is the most pressing problem currently facing your business? S Yes O Auk ARA KSA Source: PwC analysis PwC MSME Survey 2020 PwC N 00 01 02 03 04 Finding customers, infrastructure deficit and insufficient cashflows follow closely as the most pressing problems for MSMEs. Multiple taxation also continues to remain a huge cause for concern to SMEs amidst outdated tax laws. Many businesses believe that the government needs to do more in streamlining taxes across the different tiers of government. 7 percent of respondents believe their business issues are really from having an unskilled workforce. Although this is a relatively low percentage, it highlights a gap that needs to be filled speedily. Digitisation and advancement in technologies mean that the future of work will rely on an upskilling journey as industry disruptions are inevitable. How ready is Nigeria? It may be that this is not an issue yet because most of the businesses surveyed do not compete on a global scale, with their products only addressing the needs of a rather captive market. Digitisation of businesses and upskilling of staff will greatly enhance the competitiveness and quality of services rendered by SMEs, as well as globally and regionally position them to compete with their counterparts both within the country and in the export markets. This is particularly more pressing in the light of the AfCFTA regional trade market, expected to take off by January 2021. June 2020 16

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