The Manufacturers Association of Nigeria has called on the Federal Government to look into the inappropriate interest rates being charged manufacturers who obtain loans for businesses, saying the development was crippling businesses in the country.
President of the association Dr. Frank Jacobs said repositioning the manufacturing sector would revive the sector and create employment for the teeming population, in line with the agenda of the administration of President Muhammadu Buhari.
According to him, “unemployment will not be addressed that way. Companies are closing down due to inadequate finances and inappropriate interest rates which are as high as 23 per cent are not favourable to manufacturers. Lack of power is also affecting the sector.
We need a downward review, even as the mind-set of Nigerians who do not patronize Nigerian made products is also crippling the sector as we cannot address unemployment this way. Manufacturers need conducive operating environment.”