ABEOCCIMA tasks government on SMEs growth

Abeokuta Chamber of Commerce, Industry, Mines and Agriculture, (ABEOCCIMA) has tasked government at all levels to mandate commercial banks and other lending institutions to increase loan financing on small and medium-scale enterprises (SMEs) across the country.

The Chamber also urged government to ensure that loans are given out to business entities at single-digit lending rate, just as it required policy makers to come out with blueprints and directives that will unify taxes and levies on entrepreneurs and businesses in order to curb multiple taxation that impedes business growth and increases cost production.

Speaking at its 37th AGM held at MKO Abiola Trade Fair Complex in Abeokuta, president of the chamber, Nureni Ogunbayo decried higher bank lending rate to entrepreneurs and businesses, especially SMEs operating in the Nigerian economy, saying high cost of production would cause high cost of living, thereby reducing supply and killing businesses.

Ogunbayo disclosed that the multiple taxation levied on businesses and entrepreneurs by various governments also killed businesses and increased cost of living and cost of doing business in Nigeria, saying: “The Chamber wishes to appeal to the government to look into the bank lending rate with a view to bring it to a single digit.