The Association of Nigerian Manufacturers is not comfortable with the current interest rates on loans for its members and is demanding a further reduction by one percent, an official said.
Outgoing MAN Kwara and Kogi Chairman, Mr. Bioku Rahman, disclosed this while speaking at the association’s 10th Annual General Meeting in Ilorin on Tuesday.
“The present interest rates are killing businesses. We therefore ask the federal government to urgently direct the Central Bank of Nigeria 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 pe cent,” Mr Rahman said.
“We are asking the CBN to wave many conditions for its foreign exchange policies to local manufacturers,” Mr Rahman stressed. “Similarly, CBN can widen the window of foreign exchange to local industries while urging the federal government to harmonise taxes and levies at federal, state and local government levels.”
He also called on the Bank of Industry to approve and urgently implement further reductions in industrial loan interest rates.
Rahman noted the need for a large capacity power plant to generate and supply gas energy exclusively for Kwara businessmen.
Kwara state’s commissioner for business, innovation and technology, Damilola Adelodun, assured the association of continued support from the state government to strengthen the state economy. Mrs. Adelodun, who spoke on behalf of Governor Abdulrahman Abdulrazaq of Kwara State, reiterated her government’s commitment to creating an enabling environment for manufacturers in Kwara 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.
MAN’s president Francis Meshioye appealed to the Kwara State Government to develop infrastructure around the industrial zone.
