ECCIMA calls for removal of bottlenecks hindering SMEs access to funds
CHIGOZIE AMADI
The Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) has called on government and financial institutions to remove all bottlenecks hindering Small and Medium Enterprises (SMEs) access to funds.
The President of ECCIMA, Mr. Odeiga Jideonwo, made the call on Friday in Enugu in an address at the opening of the 36th Enugu International Trade Fair, which is themed: “Developing Nigeria Industrial Sector/SMEs for Economic Advancement and Global Recognition.”
Jideonwo, who described SMEs as the key that drives economic revival and growth, noted that they should have unfettered access to funds.
He urged government agencies to remove every impediment that would prevent their access to funds in order for them to grow and boost the economy, which in the long run would increase the country’s Gross Domestic Product (GDP).
The chamber boss said that since the price of oil has continued to be volatile, “there should be recourse to SMEs, and the government should help SMEs to grow.”
“With the reality of our economic challenges, which have been worsened by volatility in the price of oil revenue, it is necessary that we support the SMEs to grow and become the backbone of the nation’s industrial sector.
“In so doing, the best strategies that would lead to global recognition of products by the Nigerian SMEs/industries would be adopted.
“This indeed remains a key step towards Nigeria’s economic advancement and growth,” he said.
According to him, no other time is the best than now, for both the public and private sector to engage each other in removing the bureaucratic bottlenecks and over regulations by government agencies and other issues that hinder access to funds by SMEs.
The ECCIMA President also called on the Federal Government to hasten and ensure that Enugu International Trade Fair complex is completed like those of Lagos and Kaduna by employing a competent contractor to effect the job.
Speaking, President of the Nigeria Association of Chambers of Commerce, Industry, Mines and Agricultural (NACCIMA), Chief Dele Oye, emphasised the need for the government to support SMEs to grow by providing adequate funding.
Oye, represented by the President of South-East Chamber of Commerce, Mr Humphrey Ngonadi, said that over 80 per cent of small-scale industries lack access to funds, hence the impediment to their growth.
He lamented that in addition to a lack of funds, and high cost of electricity equally hampers the growth of small-scale industries.
“Power supply remains a critical barrier to SMEs. Addressing power challenges will lower the cost of production,” he said.
Declaring open the Fair, Gov. Peter Mbah of Enugu State said that his administration has been doing everything possible to encourage the growth of SMEs and businesses as a whole to thrive in the state.
Mbah, represented by his deputy, Chief Ifeanyi Ossai, said that there were marketing officers in the state making sure that businesses thrive in the state.
“On our part, we committed ourselves that we are marketing officers. Anything we shall do to ensure that businesses thrive in the state, we’ll do,” he said.
He said that in the last 20 to 21 months, they had invested heavily in security infrastructure, which helped to protect businesses.
“We have invested heavily also in training our youths on skills needed for industries and emerging industries so that they can fit into the skills needed by industries coming into the state,” he added.
