The Manufacturers Association of Nigeria (MAN) has appealed to the Central Bank of Nigeria (CBN) to reduce interest rates on industrial loans to save the country’s manufacturing sector. Bioku Rahman, the outgoing Chairperson of MAN in Kwara/Kogi States, appealed to the association’s 10th Annual General Meeting in Ilorin.
Rahman said the CBN should direct commercial banks to significantly reduce interest rates on industrial loans and COVID-19 palliative loans to one percent. He also urged the Bank of Industry to roll out further reductions in its lending rates to industries. The MAN chairperson called on the CBN to widen the foreign exchange window available to local industries.
He implored the federal government to harmonize taxes and levies at the federal, state, and local government levels. Mr.
Manufacturers plea for lower loan rates
Rahman asked the Kwara State Government to improve the energy supply to local industries by introducing a Heavy-Duty Gas-Energy Generation and Distribution Plant exclusively for the state’s industries. Demilola Adelodun, the state commissioner for Business, Innovation, and Technology, pledged the state government’s support for the association. She said the government is committed to creating a conducive environment for manufacturing in the state.
Mrs. Adelodun noted that the state has undertaken several key initiatives to support the manufacturing sector and overall economic development. These include the Urban Renewal Initiative, which aims to enhance the state’s aesthetic appeal and functionality.
MAN President Francis Meshioye highlighted the cordial relationship between the state government and MAN and appealed to the government to upgrade the infrastructure around the industrial estates. The AGM was held under the theme “Tackling the Challenges of the Manufacturing Sector: A Win-Win For Government and Local Manufacturers.”
