Kogi Chamber Of Commerce, Agriculture Discloses Loss of ₦450m

News in brief:
- The Kogi Chamber of Commerce, Industry, Mines, and Agriculture reported a ₦450 million loss over the past 20 years, citing a lack of government funding as the primary cause.
– President of the chamber, Femi Ajisafe, appealed to Governor Yahaya Bello to address the chamber’s financial challenges and boost economic prospects by offsetting accrued losses and including it in the state budget.

The Kogi Chamber of Commerce, Industry, Mines, and Agriculture (KOCCIMA) has revealed a staggering ₦450 million loss over the past 20 years. This loss has raised concerns about the state’s support for the chamber’s business development efforts.

President of KOCCIMA, Femi Ajisafe, made the announcement during the closing ceremony of the 2023 Kogi Trade Fair in Lokoja. The agricultural economist attributed the losses to a lack of government funding. He also revealed that the chamber has been operating at an annual deficit of ₦22.5 million for two decades.

Explaining further, Ajisafe mentioned that the sacrifice KOCCIMA made out of patriotism has not been met with reciprocal action from the state. He emphasised the announced cumulative sum lost, excludes potential interest or inflation.

Subsequently, he appealed to Governor Yahaya Bello to take concrete steps to revitalise KOCIIMA and boost Kogi’s economic prospects. He urged the Kogi state government to offset the chamber’s accrued losses, allocate land for the body, and include it in the state budget.

Despite the challenges, Ajisafe expressed optimism about the future. He noted that the 2023 Trade Fair marked a fresh start. He also emphasised the event’s potential to boost the state’s economy through exposure and exhibition, collaboration and partnerships, and trade missions and agreements.

Earlier in December, industry stakeholders in Kogi State called for the government to increase budgetary allocation to the agriculture sector to boost its food security and economy. Increased financial injection into the sector is expected to improve its situation for the better.