ECCIMA Seeks Removal Of Bottlenecks Hindering SMEs Access To Funds

(AFRICAN EXAMINER) – The Enugu Chamber of Commerce, Industry, Mines and Agriculture  (ECCIMA) has urged government and financial institutions in the country to remove all bottlenecks hindering Small and Medium Enterprises (SMEs) access to funds.

Mr. Odeiga Jideonwo, President of ECCIMA, stated this Friday in Enugu in his 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.”

He described SMEs as  the key that drive economic revival and growth, stressing that they should have unfettered access to funds.

The ECCIMA  boss,  called on 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 long run would increase the country’s Gross Domestic Growth (GDP).

He added 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 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.  

According to him, “This indeed remains a key step towards Nigeria’s economic advancement and growth,” he said.

 “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 equally called on the Federal Government to haste 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.

In his speech, President of  Nigeria Association of Chambers of Commerce, Industry, Mines and Agricultural (NACCIMA), Chief Dele  Oye, stressed the need for the government to support SMEs to grow by providing adequate funding.

Represented by the President of South-East Chamber of Commerce, Mr Humphrey Ngonadi,  Oye 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 lack of funds, lack and high cost of electricity equally hamper the growth of small scale industries.

“Power supply remains a critical barrier to SMEs.  Addressing power challenges will lower cost of production,” he said.

While declaring open the Fair, Enugu state governor Dr. said that his administration had been doing everything possible to encourage the growth of SMEs and businesses as a whole to thrive in the state.

The governor who was represented by his deputy, Barrister 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 skills needed by industries coming into the state,” 

The event was graced by captains of industries, government functionaries and other business stakeholders.

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