BusinessDay

MAN seeks reduced lending rates to manufacturers

The Manufacturers Association of Nigeria (MAN) has advocated for an improved environment and reduced lending rates in order to make businesses thrive.

Mansur Ahmed, president, MAN, stated this during the annual general meeting and commissioning of the association’s secretariat, in Ilorin, the Kwara State capital, on Thursday.

“We will continue to ask for an improved environment, especially in the areas of infrastructure such as road, power, and a conducive environment that will encourage us to meet global standards.

“I assure you that our association will continue to look up to you for guidance and partnership, together we can stabilise the economy and ensure a better country,” he said.

In his address, Bioku Rahamon, chairman, MAN, Kwara/Kogi States branch, explained that their choice of the AGM theme, “counterfeit products: the bane of Nigeria’s economy”, was in view of the inestimable damage the menace of fake products has continued to pose to the economy.

Read also: Interest rate hike detrimental to manufacturing sector recovery; MAN

“We manufacturers suffer from it because today; we are witnessing gross erosion of our margins of expected profit (EP), and return-on-investment (ROI), by the influx of counterfeit and substandard products. These products continue to claim a lion portion of the market share from us,” he said.

Rahamon urged the Central Bank of Nigeria (CBN) to make foreign exchange accessible to industries and prevail on banks to reduce lending rates to industries.

“Government should adopt measures of initial consultations before introducing new policies having impacts on industry and agencies of the government should adhere strictly to rules and desist from imposing illegal and unnecessary charges.

“It is my hope that our government functionaries will look into these and implement them. However, to my fellow industrialists; while hoping that the government will be responsive to our requirements as mentioned, I charge us to focus on our areas of strength, if any for now, to overcome our highly complex challenges.”

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