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 lack of government backing in terms of collateral instruments.

Umani, who identified the challenges in the sector while addressing a press conference in Uyo yesterday, called on the state government to put in place adequate policy measures to save the sector from imminent collapse.

He listed intervention fund 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 as power as some of the ways forward in the sector.
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He said: “Government should set up an intervention fund as a deliberate policy in 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 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 expose producers to a larger market that leads to employment opportunity in the society.”

Umani lamented that despite the critical role the sector plays 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 were put in place and implemented by government, Umani said their prayers are that the state government should develop 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.
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