SME operators decry poor funding of businesses in A’ Ibom
ISAAC JOB, UYO
Operators of Small and Medium Scale Enterprises (SMEs) in Akwa Ibom State have lamented lack of funds as a major challenge to the survival of their businesses in the state.
Addressing a press conference in Uyo, on the issue of Building a Sustainable Economic Community Devoid of Natural Disaster in a Post Pandemic Era, the President of Akwa Ibom Business Community Mr. Lordson Umani identified lack of government funding, multiple taxations and inadequate utilities as some of the challenges crippling small and medium scale enterprises in the state, The Trumpet gathered.
He said other impediments in the sector included lack of government patronage, promotion and government refusal to provide backing as collateral instruments to secure loans.
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Umani, who explained challenges in the sector urged the state government to put in place adequate policy measures to save the sector from imminent collapse.
He said that intervention funds for deserving industrialists and SME operators, appropriate machinery to check multiple taxations by local agents, patronising locally produced goods and services and delivery of critical utilities such as power could be the solutions in the sector.
He appealed to the State Government to set up an intervention fund as a deliberate policy in form of grants and loans to assist deserving industries and SMEs in the organised private business sector.
“Government should also make a deliberate policy on patronising locally produced goods and services where applicable as this will give the producers opportunity and encouragement to stand out in a competitive market.” He said.