By Esseh Ikora
Chairman National Association of Small Scale Industrialists(NASSI), Dr Andrew Nuwanta, has said the cumbersome process of securing credit facilities from Bank of Industry (BOI) by Small Scale Industrialists have stifled the prospect of over 20,000 micro industrialists in the country.
Dr Nuwanta to spoke to Newsdiaryonline in Uyo, weekend, said the federal government established Bank of Industry for the purpose of addressing the industrial needs of the nation but lamented that the procedure of accessing credit facility does not favour small scale industrialists.
He said small scale industrialists are catalyst of national growth and economic development but expressed regret that government’s lackadaisical approach in funding them is killing the sector.
Nuwanta maintained that the development of SMI is the only panacea for restiveness in the country and called on the federal government to empower the sector by lending take-off funds to skillful youth through the Bank of Industry at single digit interest rates.
He appealed to the bank’s management to review the conditionality necessary for securing credit facilities from the banks be relaxed,including the current procedure of demanding unimaginable collaterals from prospective small scale industrialists.
Nnwanta who is also the President Akwa Ibom Consolidated Alliance (ACA) said the BOI credit facility only favours the elites and well-established business owners.
“The federal government established the bank to carter for the industrial needs of the nation but by the time a micro industrialists approach the bank for loan they are given hurdles they cannot achieve”.
He expressed the fear that with the rate of population explosion in the country if the micro small and medium scale entrepreneurs are not adequately funded by government restiveness would be the order of the day in the country.
The industrialist noted that the ever-growing population of youth in the country will continue to ignite agitations and restiveness if they are not properly engaged in meaningful ventures.
“Most of the agitators we see today have nothing engaging them.When people have nothing to do they do whatever they see not minding the consequences, Nuwanta noted.
