Lack of
access to working capital for micro-entrepreneurs and small business owners who
desire to borrow for business purposes to enhance their businesses will soon be
a thing of the past as the Ministry of Trade and Investment, Akwa Ibom State,
has expressed readiness to foster a sustainable partnership with the Bank of
Industry (BOI).
This was
made known at a meeting between the Honorable Commissioner for Trade and
Investment, Akwa Ibom State, Prince Akpabio, and Mr. Richard Imonije, State
Manager, SME Group, Bank of Industry, on Thursday in Uyo, the Akwa State
capital.
Speaking
during the meeting, the Commissioner acknowledged the contributions of the Bank
of Industry in addressing Nigeria's rising economic profile in line with its
mandate to provide financial assistance for the establishments of new
enterprises, the expansion, diversification, modernization of existing
enterprises, and the rehabilitation of ailing industries, stressing that, Small
and Medium-sized Enterprises (SMEs) are becoming increasingly important for the
creation and development of a modern, dynamic and knowledge-based economy, that
is why, Governor Udom Emmanuel, who runs a listening government, sensitive to
the plights of SMEs in the state, will stop at nothing but to provide the
necessary support for entrepreneurs by creating a comfortable business
environment and partnering with relevant agencies to attract funding for SMEs
in the state.
Akpabio
further stated that the Ministry of Trade and Investment had already hit the
ground running by creating a forum of interaction with SMEs across the state
and that the July edition saw over 500 Entrepreneurs coming to share their
success stories, challenges, and prospects with the Ministry, maitaining that
such forum has helped the Ministry identify factors affecting the development
of SMEs, and that necessary steps will be taken within the shortest possible
time, to alleviate basic challenges while creating new opportunities for SMEs
in the state.
In his
reaction, Mr. Imonije said the purpose of his visit was to create a synergy
between the Ministry and Bank of Industry (BOI), as his office oversees the
relationship between BOI and SMEs in Akwa Ibom and Cross River States. He added
that the BOI has earmarked One Billion Naira for SMEs financing in Akwa Ibom
State to stimulate the local economy but some of these businesses lack basic
Economic instruments like C-of-Os to access these funds while he decried the
attitude of some SMEs towards business development, financing, and innovations in
Akwa Ibom.
Mr.
Imonije used the medium to pour encomiums on the Governor for his
Industrialization Drive and Commerce and Investment Boss for the feat recorded
so far in interpreting the visions of the state Governor, assuring the ministry
and Akwa Ibom State Government that Bank of Industry (BOI) is on ground to
partner with credible business operators in Akwa Ibom and not "portfolio
businessmen" whose stock in trade is to divert funds.
Responding,
the Commissioner said that Governor Udom Emmanuel's Completion Agenda seeks to
create an enabling economic environment where at least 30,000 Micro, Small and
Medium Scale Businesses across the State are established in addition to more
than 20,000 Businesses that are to be boosted, in line with his Dakkada Philosophy,
and that the Ministry of Trade and Investment, under his watch, will fast-track
the approval and subsequent release of C-of-Os to credible businesses duly
registered in the state, whose tax papers and other relevant documents are
up-to-date, so that they can access these funds, inject same into their
businesses while stimulating the local economy in the process.
Prince
Akpabio used the opportunity to intimate his august visitor about the test run
of Kings Flour Mill, Onna, one of the investment strides of Governor Udom
Emmanuel, adding that the 500 metric tons mill, built on a Public-Private
Partnership (PPP) model, with hi-tech and fully automated machines, can process
24,000 bags of flour daily and that on full utilization, the mill will create
jobs for the teeming youth population with an expansive value chain for the
people.
#SMEsCompletionAgenda
#AKSTradeAndInvestment
No comments:
Post a Comment