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