- Safiu Kehinde
The Manufacturers Association of Nigeria (MAN) has, on Tuesday, pleaded with the Federal Government to reduce the present interest rate on loans for its members to 1 percent.
This was disclosed by the outgoing Chairman of MAN in Kwara and Kogi,Chief Bioku Rahman, in Ilorin while speaking during the Association’s 10th Annual General Meeting (AGM).
Bioku decried the impact of the current interest rate on industrial loan as he urged the Federal Government to reconsider the rate.
“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 per cent,” Bioku said.
He also appealed the Bank of Industry (BOI) to approve and urgently roll out further reductions in its lending rates to industries.
”We are asking the CBN to wave many conditions for its foreign exchange policies to local manufacturers.
“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 added.