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Manufacturers in Kwara State are expressing frustration over the stringent requirements and bureaucratic bottlenecks involved in accessing the N75 billion loan from the Bank of Industry (BoI).
Ahead of the 11th Kwara Trade Fair, representatives of the Manufacturers Association of Nigeria (MAN) in the state highlighted the challenges they face. They criticized the process requiring loan applications to go through ministries and commercial banks, describing it as unnecessarily complicated.
Key Concerns:
- High-interest rates on the loan.
- Bad infrastructure, such as the deplorable Afon road in Asa local government area, which houses many manufacturing companies.
- Multiple taxation and overlapping duties by government agencies.
A source within the Kwara/Kogi branch of MAN noted that these issues significantly hinder operations, urging the Federal Government to simplify the process and reduce the loan's interest rate.
Government’s Response:
Mrs. Ronke Adeyemi (SAN), President of the Kwara State Chamber of Commerce, Industry, Mines, and Agriculture (KWACCIMA), acknowledged the longstanding challenges faced by industries in the state. She stressed that addressing these issues would take time but encouraged the government to act decisively.
Meanwhile, the state’s Commissioner for Business, Innovation, and Technology, Mrs. Damilola Yusuf-Adelodun, assured stakeholders of the government’s commitment to creating a business-friendly environment. She urged businesses to take advantage of the upcoming Kwara Trade Fair, scheduled for December 6–16, 2024, as a platform to attract investments and showcase local resources.
The fair aims to promote commerce and industry in the state while encouraging both local and foreign investments.
