December 27, 2017

Small scale industrialists bemoan inaccessibility of BOI funds

By Emmanuel Ayungbe

UYO—CHAI-RMAN, National Association of Small Scale Industrialists, NASSI, Dr Andrew Nuwanta, has said that the cumbersome process of securing credit facilities from Bank of Industry, BOI, by small scale industrialists has stifled the prospects of over 20,000 micro- industrialists in the country.

Nuwanta, who spoke to Vanguard in Uyo, Akwa Ibom State, weekend, said that the Federal Government established Bank of Industry to address the industrial needs of the nation but lamented that the procedure of accessing credit facility was unfavourable to small scale industrialists.

He said that small scale industrialists were catalysts to national growth and economic development but expressed regret that government’s lethargic approach in funding small scale businesses was killing the sector.

Nuwanta maintained that the development of SMI was the only panacea for restiveness in the country and called on the Federal Government to empower the sector by lending take-off funds to skilful youths through the Bank of Industry at single digit interest rate.