Kwara Manufacturers Call for Easier Access to N75 Billion BoI Loan
Manufacturers in Kwara State, under the Manufacturers Association of Nigeria (MAN), have expressed concerns over the bureaucratic challenges and stringent conditions required to access the federal government's N75 billion Bank of Industry (BoI) loan.
Speaking ahead of the 11th Kwara Trade Fair in Ilorin on Monday, members of the association described the loan application process as unnecessarily cumbersome.
A source within MAN's Kwara/Kogi states chapter, who requested anonymity, highlighted one of the hurdles, stating, “The process requires us to submit applications at a state ministry, which complicates the procedure.”
The manufacturers also appealed to the federal government to reduce the interest rate tied to the loan, citing the need to make it more accessible for local businesses.
“They said we should apply through a ministry and commercial banks. Which is very difficult. The interest rate too is very high. We urge government to bring it down.”
The source listed bad roads, multiple taxation and duplication of duties by government agencies as some of the other challenges confronting manufacturing companies in Kwara state.
“Look at Afon road in Asa local government area of the state. We have a high concentration of manufacturing companies along that axis.
“Yet, the road is not motorable and these companies are paying their taxes”, the source said.
Also speaking, the president, Kwara State Chamber of Commerce, Industry, Mines and Agriculture (KWACCIMA), Mrs. Ronke Adeyemi (SAN), confirmed that the challenges facing industries in the state were many and had piled up over the years.
Mrs. Adeyemi added that “government cannot attend to them in one year not even in four years.
“The best we can is to urge government to work seriously on those challenges so that with time some of those challenges will become a thing of the past.
In her remarks, the state commissioner for Business, Innovation and Technology, Mrs. Damilola Yusuf-Adelodun, said that the state had put modalities in place for ease of doing business, urging members of the public to take advantage of the fair slated for between December 6 and 16, 2024.
Represented by Deputy Director of Commerce in the ministry, Ibrahim Sanni, Mrs. Yusuf-Adelodun added that, “The state government is proud to identify with the association and the commendable efforts put in place to organize the yearly fair.
“We are mobilising businesses and investors in and outside the state to take advantage of the fair.”
Earlier, Chairman of this year's organising committee, Abu Salami and first Deputy President, KWACCIMA, Engineer Abu Salami, revealed that the objectives of the fair are “to showcase the abundant available resources in all 16 local government areas of the state to the whole world, accelerate development of commerce and industry in the state as well a indicate prospects for foreign and local private investments in strategic areas.”
Cloud Tag: What's trending
Click on a word/phrase to read more about it.
Edret Sabi Abel Folajimi Aleshinloye NULGE Abdulhakeem Amao Oniwa Haleeman Salman 08001000100 Sam Okaula Mashood Abdulrafiu Agboola Ubandawaki Joshua Adeyemi Adimula Ishola Balogun Fulani TETFUND Guber Aspirant Mohammed Alabi Lawal Dorcas Afeniforo CLAY POT Oloriegbe Saka Adeyemo Jaigbade Alao Wasiu Odewale Islamic Development Bank Garba Idris Ajia Segun Adeniyi Offa Poly Saka Isau Yahaya Abdulkareem Babaita Wale Oladepo Donatus Ejidike Kwara 2019 Hausa Islamiya Abdulraheem Osinbajo Galland Marcias Ibrahim Abikan Inside Kwara Split Diamond Interchange Pategi TIC Bashir Adigun Sunday Popo-Ola Matthew Babaoye Jimba Babatunde Hassanat Bello Damilola Yusuf Adelodun Hamidat Sulyman-Yusuf Kwara Basketball Association Buari Edun Col. Ibrahim Taiwo Old Oyo Suraj Tunji Oyewale Association Of Kwara State Online Media Practitioners Oluwole Dupe Habeeb Saidu Ebun-Olu Adegboruwa Olatunji Ibrahim Al-Hikmah Radio Ajibike Katibi Abdulwahab Ololele Sarah Alade Samuel Olusegun Adedayo Yahaya Jibril Usman Labour Party Ita-Ore Tosho Yaqub Ajibola Ademola Julius Biliaminu Aliu Joseph Bamigboye Olubukola Kifayat Adedeji PAACO-PCL Consortium Afolayan Emmanuel Olatunji Adesoye Okiki Sulyman Abdulkareem Cassava Growers\' Association Oja-Oba Musibau Akanji

