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.
Ibrahim Gambari Rueben Parejo Abubakar Abdulraheem Lukman Adeloyin Abdul-Rasheed Na\'Allah Bayer AG SSUCOEN Kwara State Health Insurance Agency Alimi Oko-Erin Shehu Alimi Foundation For Peace And Development Ibrahim Abdullahi Yoonus Lawal Basit Olatunji TETFUND Segun Ogunsola AbdulRauf Keji Fola Consultant Ajuloopin Dan Iya Of Ilorin Eleja Taiwo Banu COVID-19 Palliatives Bashiru Makama Elekoyangan Jeunkunu-Malete-Bani Mohammed Ibrahim Adolescent Girls Initiative For Learning And Empowerment Minister Aliyu Muhammad Saifudeen Dagbalodo Principal Private Secretary Sarafadeen Kayode Akorede RTEAN Kwara State University Of Education Kola Olota Jaiz Bank Temi Kolawole Jumoke F. Ajao Akeem Lawal Kwara Muslim Pilgrims Welfare Board Mamatu Abdullahi Oluwatoyin Lukman Deji Ajani IESA Harafat E. Mukadam Aminu Adisa Logun ASKOMP Abubakar Suleiman Olufolake Abdulrazaq Oke-Kura Jaigbade Alao Budo-Egba Leke Ogungbe Council Of The Wise Just Event Online Umar Danladi Shero KFA Dauda Adesola Kayode Zubair Ayinde Oyepitan Saidu Kawu Atiku Ministry Of Women Affairs And Social Development Timothy Olatunde Fadipe Mohammed Jimoh Faworaja Pakata Patriots Lithium Apaola Ndama Al-hassan Gobir Organization Foundation Patience Jonathan Adebara Kamaldeen Gambari Issa Oloruntogun Simeon Sule Ajibola Abdul Jimoh Mohammed Kuliyan Geri

