AIBC wants govt intervention fund for industrialists, small businesses

Ini Billie, Uyo

The Akwa Ibom Business Community (AIBC) has asked the government to support the deserving industrialists and small and medium enterprises owners with funds.

Mr Lordson Umani, President of AIBC, maintained that the lack of government funding, multiple taxations, inadequate utilities, absence of government patronage, promotion and backing of collateral instruments as some of the challenges crippling businesses in the state.

According to Umani said multiple taxations by local agents, patronage for locally produced goods and services, and delivery of critical utilities such as power are some of the ways forward in the sector.

Speaking on Monday in Uyo during a press conference, Umani who said the state boasts of about 500,000 members, urged the state government to put in place adequate policy measures to save the sector from imminent collapse.

“Government should set up an intervention fund as a deliberate policy in form of grants and loans to assist deserving industries and SMEs in the organised 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.

“Also, promotion of locally produced goods at any government projects will facilitate growth and expansion as well as exposing the producers to a larger market that leads to employment opportunities in the society.

“Efforts should be intensified at improving the delivery of critical utilities- power is a burden to the industrialists. Presently, the conditions are unbearable; insufficient/ very low power supply and cost of diesel and fuel are something we cannot mention.

“Applicable and appropriate laws should be put in place to check multiple taxation and levies by local agents,” he stated.

The President of AIBC lamented that despite the critical role the sector plays in the economic development of the state, successive governments have continued to undermine the sector both in terms of policies and governance.

He however stated that the sector will witness tremendous growth if all the measures cited are put in place and implemented by the government.

Umani urged the state government to develop at least three industrial hubs and power plants for cottage industries and artisans’ development in the three senatorial districts of the state.

He further advocated that an executive order be proclaimed for industrial funding through the business community for SMEs, cottage industries, research and development.

He explained that the group has begun the mobilisation and sensitization of its members to vote only for people that have the right policies and are ready to work with the business community come 2023.

He called on the government to involve the organized private sector in the state to effectively fill in the gap and play the role of partnering with the economy.