April 12, (THEWILL) – The President of Akwa Ibom Business Community. Mr Lordson Umani, has identified lack of government funding, multiple taxations and inadequate utilities as some of the challenges crippling business organisations in the state.
He listed other challenges in the sector to include lack of government patronage and promotion and lack of government’s backing as collateral instruments.
Umani, who stated the challenges in the sector, while addressing a press conference in Uyo on Monday, called on the state government to put in place adequate policy measures to save the sector from imminent collapse.
He listed 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 power as some of the ways forward in the sector.
He said “Government should set up an intervention fund as a deliberate policy in the 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 said.
Umani lamented that despite the critical role the sector had played in the economic development of the state, successive governments have continued to undermine the sector, both in terms of policies and governance.
While assuring that the sector would witness tremendous growth if all the measures are put in place and implemented by the government. Umani said their prayers are that the state government should develop at least three industrial hubs and power plants for cottage industries and artisans development in the three senatorial districts of the state and proclaim an executive order for industrial funding through the business community for SMEs, cottage industries, research and development.
