Loan: Nigerian Manufacturers appeal for interest rate reduction

The Manufacturers Association of Nigeria, MAN, has appealed to the Federal Government to further reduce interest loans for its members to one percent, saying they are uncomfortable with the present one.

The outgoing Chairman of MAN in Kwara and Kogi, Chief Bioku Rahman made this appeal in Ilorin on Tuesday during a meeting.

DAILY POST reports that the meeting’s theme is “Tackling the Challenges of the Manufacturing Sector: A Win-Win For Government and Local Manufacturers”.

“The present interest rates are killing businesses.

“We therefore ask the Federal Government to urgently direct the Central Bank of Nigeria (CBN) to drastically reduce interest rates on industrial loans.

“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 percent,” Rahman said.

He also urged the Bank of Industry (BOI) to approve and urgently roll out further reductions in its lending rates to industries.

Rahman noted that a Heavy-Duty Gas-Energy Generation and Distribution Plant was exclusively needed for Kwara industrialists.

Also speaking, the state’s Commissioner for Business, Innovation and Technology, Mrs Damilola Adelodun, pledged the state government’s continued support for the Association to boost the state’s economy.

Adelodun, who represented Gov. AbdulRahman AbdulRazaq of Kwara, reiterated the government’s resolve to create a conducive environment for the manufacturers in the state.

“The state has undertaken several key initiatives to support the manufacturing sector and overall economic development.

“The Urban Renewal Initiative is transforming the architectural landscape of Kwara to enhance its aesthetic appeal and functionality, making it a more attractive place for businesses and residents,” she said.

On his part, the President of the Manufacturers Association of Nigeria, MAN, Chief Francis Meshioye, described the relationship between the state government and MAN as cordial.

He appealed to the state government for infrastructure around the industrial estates to be upgraded.