Ekiti State Development and Investment Promotion Agency (EKDIPA) on Thursday organised an information session for Investors/Business Owners on Access to credit.
The private sector engagement held at Mutual House, according to the organisers was designed to provide relevant information to business owners on how to access fund to run a successful business.
Senior officers of the various financial institutions were on ground to take participants through the processes and documentation. Among them were officials from Wema Bank, Bank of Industries (BOI).
The Director-General EKDIPA, Lolade Olutola while welcoming the participants explained that the engagement would afford the business owners to acquire new knowledge on how to access credit facilities to run their businesses.
She hinted that the session would afford them the opportunities to learn what would make their businesses not only exist, but also thrive.
“Governor Biodun Oyebanji is interested in ensuring that business owners do better in Ekiti State. It is an engagement to promote ease of doing business in the State. This will afford business owners to know the various opportunities in accessing credit facilities and how to key into it. We are determined to remove all encumbrances.”
The Commissioner for Investment, Trade, Industry and Cooperatives, Mrs Tayo Adeola, in her keynote address said Ekiti is carrying out business enabling reforms through State Action on Business Enabling Reforms.
Mrs Adeola who expressed concern about the status of many businesses in Ekiti maintained that there was the urgent need to evaluate them.
“Our major challenge today is that many businesses are sick and they need Doctor to actually determine the nature of their illness. Another challenge is that majority of the business owners in Ekiti lack courage. Many of them are always afraid to access credit facilities. But you need courage and vision to succeed in business, you need all these ingredients to succeed in business. You also need skills and attributes to succeed in business. Let’s work together.” Adeola said
Mr Oluwole Ayodeji from Wema Bank said in his presentation that the Bank, which he described as the oldest indigenous bank in Nigeria is already partnering with Ekiti State Government to train no fewer than 100,000 prospective business owners on MSME development.
Ayodeji who decried the low enrolment in the scheme also disclosed that the programme would commence with training of interested youths in MSME development.
According to him, the Bank is priotising access to affordable fund and reasonable cost of production .
He urged business owners in Ekiti to ensure proper documentation of cash flows through the banks adding that this would give them greater opportunity to access loan.
The programme manager, Ekiti Action On Business Enabling Reforms, Adelusi Taye Titus said part of the agency mandates is to equip business owners with necessary information and to link them up with providers of the credit facilities. He urged Ekiti business owners to defeat the initial fear to access fund.
Mr Adelusi said the Agency would provide a comprehensive guide on how business owners can obtain Certificate of Occupancy, Right of Way, as well as business permit. He said the Agency has published the investment incentives on the State website, while highlighting some credit facilities, including CBN, BOI, Bank of Agriculture, among others.
Some organized private sector associations in attendance were, All Farmers Association, Manufacturers Association of Nigeria, Chambers of Commerce, Ekiti Online Marketers.