Business
Bizman Tasks Traders On Cooperatives
A Port Harcourt-based entrepreneur has urged traders Rivers State to form cooperative societies to access loans through the Macro and Small Medium Enterprises (MSMEs) of the Central Bank of Nigeria.
The call was made by Chief Andrew Nwachukwu last Monday in Port Harcourt during a business forum organised by the Association of Rivers Entrepreneurs in Port Harcourt.
Nwachukwu said that it is imperative for traders in the state to come together and float cooperative societies to enable them access loans and improve their businesses.
He said that the formulation of the cooperative societies would guarantee them the needed access to the loan facility from the banks, adding that individual cannot access the loan without adequate collateral properly placed before the bank.
He said that the loan would help to promote the growth of the business of the traders, generate more income for the expansion of the trade and create more job opportunities for the unemployed.
Nwachukwu said the Association organised the forum to sensitize traders and other entrepreneurs on the benefits of forming cooperative societies with a view of accessing loan through a common understanding.
He said that the leadership of the Association has met officials of the nation’s apex bank in Port Harcourt on the modalities and formalities of the Association accessing loan to expand their businesses with longterm agreement of repayment.
He also enjoined the state to come out with harmonised tax policy rather than various bodies coming forward to intimidate members of the association in the name of taskforce on revenue generation, adding that members of the Association are small scale businesses out to promote the economy of the state.
However, the sensitization forum was attended by representatives of various markets association, artisan and bank officials as well as officials from the state Ministry of Commerce and Industry.
Philips Okparaji
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