KWACOBPA Identifies Obstacles to Business Growth

The Kwara Coalition of Business and Professional Associations has identified lack of funding for small and medium enterprises, multiple taxation, unexplored potentials and absence of industrial and business clusters as impediments to business growth and industrialisation in the country reports Punch Newspaper

KWACOBPA Chairman, Mr. Hezekiah Adediji, during a media briefing in Ilorin on Thursday, also identified poor water supply, inefficient waste management and absence of private sector input in policies as other challenges.

He also said that non-implementation of local content development bill by the government had led to low patronage of goods and services of indigenous services providers. He added that this had resulted in capital flight and low commercial activities across Kwara State.

Adediji also said the absence of independent power project in the state was inhibiting business growth. He added that cumbersome land administration procedures in the state allegedly involving multiple administrative charges and duplication of transactions had made acquisition of land titles for use as collateral difficult.

According to him, this has prevented businesses from accessing loans from commercial banks.

He also said that the alleged high cost of assigning title deeds had forced buyers to make do with agreement by lawyers instead of passing transactions through the state’s Bureau of Lands. He urged the state government to simplify land administration.

Adediji urged the federal and state governments to ensure the effective implementation of the local content development policy and ensure the recruitment of qualified professionals into required cadres of the civil service.

He also canvassed the reduction and streamlining of land acquisition charges; embarking on an IPP in the state and legislation-backed revolving credit scheme for the private sector as some of the solutions.

He said other solutions included a well publicised list of harmonised taxes in the state; creation of industrial clusters and the use of tourism as a means of revenue generation as well as a well mapped out solid minerals exploration programme.