December 1, 2021


documenting the nigerian story…

‘Bank’ policies frustrating Kwara SMEs’

The Kwara Chamber of Commerce, Industry, Mines and Agriculture (KWACCIMA) has said the unfriendly lending policies of banks is affecting  the growth of the Small and Medium-sized Enterprises (SMEs) in the state.

The new President of KWACCIMA, Olalekan Fatai Ayodeji stated this while fielding questions from Daily Trust in Ilorin.

“Banks demand for collateral from SMEs operators in case there is a default in payment is unfriendly. Some of these operators who are operating in Ilorin but based in Omu-Aran for instance are not usually considered for credit facilities even if they have collateral in Omu-Aran.

“But we are planning to have talks with some of the banks to improve our SMEs in Kwara. We want to ensure they change their policies to favour SMEs,” Ayodeji said.

He however added that the performance of SMEs has improved overtime in the state.

“In Kwara State, we have more SMEs than companies. So basically, I can say we are at the SMEs level. At KWACCIMA, it is SMEs that we are assisting and that is why we want to bring in more investors to boost the sector in Kwara. Beyond that, the chamber also wants to do more for them. It may involve restructuring or any other arrangement, but we will get there.

“We are planning the Kwara Trade Fair for November. We have to carry the government and the stakeholders along. We want people from outside to come to Kwara and invest,” he added.