Kwara Manufacturers Call for Easier Access to N75 Billion BoI Loan

Date: 2024-12-03

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.

Lanwa     Share     Sarakite     Okedare     Donatus Ejidike     Susan Modupe Oluwole     Esuwoye     Salmon Babatunde Salmon     Dumagi     Unicontinental Construction Company     AGF Abdulrazaq     Gwanara     New Model Police Station     Kamaldeen Kehinde     Hussein Oloyede     Chief Imam Of Ilorin     Amina El-Imam     Ado Ibrahim     Dankaka     Lateef Ademola Olatunji     Www.Kwarareports.com     VADA     Oke-opin     Muideen Olaniyi Alalade     Ibrahim Oniye     Chemiroy Nigeria Limited     Abdulfatai Baakini     General Tunde Idiagbon International Airport     Imam Gambari     V.O. Abioye     Funmilayo Oniwa     Abubakar B.M     Yahya Mohammed     Association Of Kwara State Online Media Practitioners     Abdulkadir Orire     Elerinjare-Ibobo     Ilorin International Airport     Shero     TVC Female National Debate     T And K FOODS     Abdulganiyu AbdulAzeez     Shao     Kunle Akogun     Oyelere Oyinloye     UTME     Haruna Olawale Sulaiman     Orisun Igbomina     Modibo Kawu     Suraj Tunji Oyewale     Toun Okewale-Sonaiya     Bureau Of Lands     Garba Ayodele Wahab     Zaratu Umar     Samuel Olusegun Adedayo     Mahe Abdulkadir     Inside Kwara     Ayoade Akinnibosun     Ilorin Emirate Staff Association     Forgo Battery Company Limited     Mahfouz Adedimeji     Sun Qing Rong     Esinniobiwa Quareeb     Jide Oyinloye     Royal FM     Elerin Of Adanla Irese     Okasanmi Ajayi     Principal Private Secretary     Javed Khan     Siddiq Adebayo Idowu Salawu     Azeez Salawu     Ilorin Airport     Dorcas Afeniforo     Oluwole Dupe     KWASSIP     Yahaya A Paniyaro     Ilesha-Baruba-Gwanara     Gbenga Olawepo    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Elewu     Arinola Fatimoh Lawal     Shuaib Abdulkadir     Kunbi Titiloye     Ophthalmological Society Of Nigeria     Sango-UITH Road     KWSUED     Balogun-Ojomu     Orisun Igbomina     Kwara State Printing And Publishing Corporation     Paul Odama     Bayer Nigeria Limited     AIT Ilorin     Jani Ibrahim     Ajayi Okasanmi     Kwara Muslim Pilgrims Welfare Board     Shehu Salau     Baboko     National Broadcasting Commission     Ella Supreme Tissue Paper     Abdulbaqi Jimoh     Sobi Specialist Hospital     UITH     Monkey Pox     Bello Oyebanji     Academic Staff Union Of Universities     General Tunde Idiagbon International Airport     Wasiu Odewale     Tunde Akanbi     Quarry Royal Valley     David Oyedepo     Adegoke Bamidele     Jelili Yusuf     Coalition Of Kwara North Groups     TIC     Mumeen Lah     Olayinka Oladapo Jogunola     Sa\'adu Salau     Idris Amosa Oladipo Saidu     Turaki     Elections     Temi Kolawole     Ben Duntoye     Abiodun Musa Aibinu     Amuda Aluko     Michael Ologundea     Alaiye     Jimba Babatunde     Mahmud Durosinlohun Atiku     MMWG     Arinola Lawal     Amos Bajeh     Mohammed Tunde-Jimoh     Ayoade Akinnibosun     Gbemisola Oguntimehin     Roheemat Hammed     Samuel Adaramola     Babatunde Ishola Babaita     Esinrogunjo     Federal Allocation     Mashood Dauda     Aisha Gobir     Abubakar Baba     General Hospital, Ilorin     Hassan A. Saliu     Ishaq Oloyede     Ayodele Kuburat Olaosebikan     Hassan Abdulazeez Elewu     Dorcas Afeniforo     Unicontinental Construction Company     Mary Arinde     Assayomo     Makama Of Ilorin     Salman Alada     Razaq Ayobami Akanbi     Otuka     Ilesha-Baruba-Gwanara