The Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) has called on government at all levels and financial institutions to remove bottlenecks hindering Small and Medium Enterprises (SMEs) access to funds.
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, with the theme: “Developing Nigeria’s industrial sector/SMEs for economic advancement and global recognition.”
Jideonwo, who described SMEs as the key that drives economic revival and growth, noted that SMEs should have unfettered access to funds.
He urged government agencies to remove every impediment that prevents SMEs accessing funds in order from them to grow and boost the economy, which in the long run will increase the country’s Gross Domestic Growth (GDP).
The chamber boss said that since the price of oil has continued to be volatile, “there should be recourse to SMEs, and government should help SMEs to grow.
“With the reality of our economic challenges, which has 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.”
According to him, no other time is the best than now, for both the public and private sectors 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.
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The ECCIMA president also called on the federal government to hasten and ensure that the Enugu International Trade Fair complex is completed, like those of Lagos and Kaduna, by employing a competent contractor to effect the job.
President of the Nigeria Association of Chambers of Commerce, Industry, Mines and Agricultural (NACCIMA), Chief Dele Oye, emphasised the need for government to support SMEs to grow by providing adequate funding.
Oye, represented by the President of the South-East Chamber of Commerce, Mr. Humphrey Ngonadi, said that over 80 percent of small scale industries lack access to funds, hence the impediment to their growth.
He lamented that in addition to lack of funds, inadequate and high cost of electricity equally hamper the growth of small scale industries.
Declaring open the trade fair, Governor Peter Mbah of Enugu State, said that his administration is doing everything possible to encourage the growth of SMEs and businesses as a whole to thrive in the state.
Gov. Mbah, represented by state’s Deputy Governor, Chief Ifeanyi Ossai, said that there were marketing officers in the state making sure that businesses thrive in the state.