MAN Appeals to FG to reduce Interest Rate on Loans To 1%
The Manufacturers Association of Nigeria (MAN) has appealed to the federal government to reduce the interest rate on loan obtained by industrialists to one per cent.
The outgoing chairman of MAN for Kwara and Kogi, Chief Biobaku Rahman made the call during the association’s 10th Annual General Meeting (AGM), with the theme: “Tackling the Challenges of the Manufacturing Sector: A Win-Win For Government and Local Manufacturers” held on Tuesday in Ilorin, Kwara State.
Rahman highlighted that the current interest rates are killing their businesses and urged the federal government to immediately direct the Central Bank of Nigeria (CBN) to drastically reduce interest rates on industrial loans.
The outgoing chairman of MAN for Kwara and Kogi said “The CBN should as well direct commercial banks to reduce interest rates on industrial loans. The interest rates charged on industrial loans and other loans released as COVID-19 palliatives should be significantly reduced further to one per cent.”
Rahman called on the Bank of industry (BOI) to approve, and roll out further reductions in its lending rates to industries.
He also asked the CBN to waive many conditions for its foreign exchange policies as well as to widen the window of foreign exchange to local manufacturers.
Rahman also urged the federal government to harmonise taxes and levies at federal, state and local government levels.
He recounted the effect of fuel subsidy removal on local manufacturers and called on the government to come to the association’s aid urgently, noting that “the bitter removal of subsidy in Nigeria has left manufacturers in unprecedented comatose.”
Speaking at the event, the Kwara State governor, AbdulRahman AbdulRazaq, represented by the Commissioner for Business, Innovation and Technology, Mrs Damilola Yusuf- Adelodun, pledged his administration’s continuous support to create conducive environment for the manufacturers in the state.
