Banks are not properly structured to fund small and medium-sized businesses and this has created “a weak link” between governments’ effort to support enterprises struggling financially and the attainment of the desired results.
This position was articulated in the inaugural speech delivered by Prince Adetokumbo Adeyinka Kayode in Abuja at his inauguration as the 10th president of the Abuja Chamber of Commerce and Industry (ACCI).
Prince Kayode faulted banks’ management of funds meant to support financially struggling enterprises, describing the development as “a very huge issue.”
“We all know, our banks are not structured to fund SMEs,” the new president of the Abuja chamber told guests at his inauguration.
He said the organised private sector was now ready to help canvass and develop new concepts of alternate funding mechanisms for small and medium enterprises.
“This will include finance leasing and peer certification for securitisation of facility for SMEs,” he also said.
He pledged to work with all government agencies to improve the economy and advance the interest of the private sector which the chamber represents.
The president of the National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Iyalode Alaba Lawson, expressed satisfaction with the emergence of Prince Kayode as the new President of the Abuja Chamber, taking over from the out-gone president, Tony Ejinkeonye.
She expressed confidence that the new president of the Abuja chamber would perform well and champion the interest of the members.