President of OCCIMA, Chief Tony Amadi, said in Owerri, that members of the business body received news of the release of the fund by President Bola Tinubu last year with joy, but regretted that the absence of the BoI in the state has been a setback in their quest to access the loan.
He appealed to the government to establish the Bank of Industry (BoI) office in the state to ensure that its members would easily benefit from the bank’s services, and by extension ensure inclusivity and national development.
The body appealed to the Federal Government to thoroughly supervise the disbursement of the N75 billion intervention loan made available by the government to ensure an equitable disbursement.
Amadi said: “As the umbrella body that represents the organised private sector operators in Imo State, OCCIMA welcomes this facility as timely and transformative. Already, our members are being mobilised to apply for this BoI facility and position themselves to expand their operations, create jobs and contribute to the country’s economic growth. However, we are constrained by a critical challenge, which is the absence of a BoI office in Imo State.
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“The establishment of a BOI office in Imo will lessen the burden of entrepreneurs and reduce the cost of doing business because of the single digit interest rate and long tenure of the loan facility.”
The OCCIMA president also commended Governor Hope Uzodimma for creating a business-friendly environment in the state, saying, “With improved road networks and security architecture, the state is now more conducive for industrial expansion and commercial property.”
He also called on stakeholders, business associations, development agencies, traditional institutions, and the media to join the advocacy effort, to ensure economic revival across the nation.
He described the intervention fund as a game-changer for Nigerian entrepreneurs, saying “it’s one of the best initiatives in recent times.”