The Akwa Ibom State House of Assembly has just passed into law, the Bill for the Law Establishing the Akwa Ibom State Microfinance and Enterprise Development Agency and other Matters Connected Therewith.
The Bill, after its second reading was referred to the House Committee on Industry, Commerce and Tourism; jointly with three other House Committees for in depth study.
While submitting the report of the committee, the Chairman, House Committee on Industry, Commerce and Tourism, Rt. Hon. (Elder) Mark Esset enumerated basic observations and findings. The report reads in parts, ".....That the establishment of the Agency is the bold steps taken by Government to put in place a platform for actualizing the vision of industrialization".
Elder Mark Esset who is the Honorable Member representing Nsit Atai State Constituency, further reeled out salient recommendations which were the proposed amendments to the Bill.
In conclusion, the Committee Chairman read thus, "It is our prayer that amendments proposed by the Committee will be accepted and the Bill accordingly passed into Law by the House. Rt. Hon. Speaker, Hon. Members I beg to submit".
In his remarks, Speaker Onofiok Luke thanked the Chairmen and Members of the various committees for a job well done. He went further to say that, the law will provide a legal framework for the regulation of micro/small/medium enterprises in the State and it will boost the industrialization drive of Governor Udom Emmanuel.
In his words, "The Agency will have the responsibility to facilitate the extension of financial services to micro, small, and medium enterprises".
The Speaker encouraged the people of the State to always respond to calls by the House for public hearing to contribute to Bills.
The Law takes effect from 10th November, 2016.
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