Business

Nigerian Manufacturers Urge CBN To Reduce Interest Rates, Waive FX Conditions

The outgoing chairman of the Manufacturers Association of Nigeria (MAN) for Kwara and Kogi, Bioku Rahman, has called on the Central Bank of Nigeria (CBN) to reduce interest rates on loans for its members, citing the current rates as “business-killing”.

Speaking at the association’s 10th annual general meeting (AGM) on Tuesday, Rahman said, “We therefore ask the federal government to urgently direct the CBN to drastically 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 also urged the CBN to waive conditions on foreign exchange (FX) policies for local manufacturers, saying, “CBN can widen the window of foreign exchange to local industries…”

In response, Damilola Adelodun, Kwara state commissioner for Business, innovation and technology, assured the association of the government’s support, he said , “The state has undertaken several key initiatives to support the manufacturing sector and overall economic development.”

Francis Meshioye, president of MAN, described the relationship between the state government and manufacturers as cordial, but appealed for infrastructure upgrades around industrial estates.

The AGM, themed ‘Tackling the Challenges of the Manufacturing Sector: A Win-Win For Government and Local Manufacturers’, came as the CBN recently raised the monetary policy rate (MPR) to 26.75 percent, with commercial banks charging an average maximum lending rate of 35 percent on loans to MAN members.

Boluwatife Enome

Follow us on:

Boluwatife Enome

View Comments

  • AFFORDABLE PRICE'S INTERESTED BUYERS SHOULD KINDLY CALL DEPUTY CONTROLLER Omar ON THIS NUMBER((O8O_-6739_-_9O9O FOR MORE INFORMATION AND PURCHASE

    E.G......
    GOIF3 ₦380,000
    GOIF4 ₦450,000.
    Toyota Camry Tiny Light ₦500,000
    Toyota Corolla ₦600,000.
    Toyota 4Runner ₦850,000
    Toyota Avalon ₦700,000
    Toyota Highlander ₦900,000
    Toyota Matrix #650,000
    Toyota Rav4 ₦780,000
    Toyota Sequoia ₦900,000
    Toyota Tacoma ₦1.2M
    Toyota Tundra ₦1.8M
    Toyota Yaris ₦650,000
    Honda Baby Boy ₦450,000
    Honda Accord EOD ₦600,000
    Honda City ₦550,000
    Honda Crosstour ₦2.6M
    Honda CR-V ₦800,000.
    Honda Odyssey ₦650,000
    Honda Pilot ₦950,000
    Lexus RX300 ₦1.4Million
    Lexus RX330 ₦1.7Million
    Lexus RX350 ₦2.4Million
    Land Rover Discovery ₦3.2Million
    Land Rover Freelander ₦3.6Million
    Land Range Rover Sport ₦4Million
    Acura MDX ₦1.8Million
    Dyna Truck 1.3Million
    Tipper head 10m
    Audi A4 ₦500,000
    Audi A6 ₦700,000
    BMW 3-Series ₦1.7Million
    BMW 5-Series ₦1.9Million
    BMW X5 ₦2.6Million
    BMW X6 ₦2.3Million
    Infiniti FX35 ₦1.9Million
    Infiniti FX45 ₦2.6Million
    Infiniti QX4 ₦2.1Million
    Mazda 626 ₦600,000
    Mazda MPV ₦640,000
    Mercedes-Benz C-Class ₦1.3Million
    Mercedes-Benz E-Class ₦1.8Million
    Mercedes-Benz GLK ₦3.2Million
    Mercedes-Benxz ML320 ₦4.1Million
    Mercedes-Benz ML350 ₦4.3Million
    Nissan Altima ₦1.4Million
    Nissan Armanda ₦1.9Million
    Nissan Maxima ₦2.1Million.......
    NOTICE: THE PRICE OF THOSE VEHICLES DEPENDS ON THEIR YEAR MODEL, WE ALSO MAKE DELIVERING TO THE 36 STATE NATIONWIDE......

    AUCTIONS OF BAGS OF RICE AND GALLONS OF OIL FOR SALES IN CHEAP AND AFFORDABLE PRICE'S

    E.G......
    [*]Kings Oil=N15,500
    [*]Elephant Gold=#25,500
    [*]Mama Africa=#25,500
    [*]Mama Gold=#25,500
    [*]Royal Stallion=#25,500
    [*]Rising Sun=#25,500
    [*]Royal Crown=#25,500
    [*]Super Eagle=#25,500
    [*]Cap Rice=#25,500
    [*]Tomato Rice=#25,500
    [*]Royal umbrella=#25,500
    ₦4,000 FOR DELIVERY CHARGE

    THANKS FOR YOUR PATRONAGE!!!

Recent Posts

Gbadebo Rhodes-Vivour: Commercialisation Of GMO Seeds Can Take Away Nigeria’s Food Sovereignty, Cause Health Issues

Gbadebo Rhodes-Vivour has condemned the commercialisation of GMO seeds, warning of threats to Nigeria’s food…

10 hours ago

Usyk Defeats Fury on Points in Riyadh to Retain Heavyweight Championship Title

Oleksandr Usyk has secured victory over Tyson Fury in Riyadh, successfully defending his heavyweight championship…

16 hours ago

Albania to Ban TikTok for a Year After Schoolboy’s Death Sparks Concerns

Albania plans a one-year TikTok ban from January after a schoolboy’s death sparks concerns over…

18 hours ago

Suspect Remanded in Custody Over Deadly Attack at German Christmas Market

A suspect accused of killing five people by driving into a crowded Christmas market in…

19 hours ago

US Fighter Jet ShotDown in Red Sea ‘Friendly Fire’ Incident Amid Heightened Tensions

A US Navy F/A-18 Hornet was mistakenly shot down over the Red Sea by the…

19 hours ago

NNPC, Dangote Refinery Slash Petrol Prices to N899 Per Litre Amid Rising Competition

NNPC has reduced petrol ex-depot price to N899 per litre, sparking competition with Dangote Refinery…

19 hours ago