Story Written By ALI MUHAMMAD RABIU and Edited by Godwin Duru
Federal Government has been urged to reduced the interest rate on loan for manufacturers to one percent.
The Chairman , Manufacturers Association of Nigeria (MAN), Kwara and Kogi branch ,Rahamon Bioku made the call while speaking at the 10th Annual General Meeting (AGM), themed, Tackling the Challenges of Manufacturing Sector: A Win-Win for Government and Local Manufacturers”, in Ilorin.
He said that the present interest rates are stifling their businesses.
Bioku appealed to the federal government to urgently direct the Central Bank of Nigeria (CBN) to drastically reduce interest rates on industrial loans.
He explained that the interest rates charged on industrial loans and other loans released as COVID-19 palliatives should be significantly reduced .
Bioku also urged the Bank of Industry (BOI) to approve and urgently roll out further reductions in its lending rates to industries, adding that the CBN should wave many conditions for its foreign exchange policies to local manufacturers.
He called on the federal government to harmonise taxes and levies at Federal, State and Local government levels.
Bioku, also urged Kwara State government to boost energy supply to manufacturers by building a heavy duty gas-energy generation and distribution plant exclusively for Kwara State industrialists .
In his speech, Kwara state governor AbdulRahman AbdulRazq represented by the state Commissioner for Business, Innovation and Technology, Damilola Adelodun, declared the state government’s continual support for the manufacturers to boost the economy of the state.
The governor promised that the state government would continue to create conducive environment for manufacturers in the state.
COV/ALI MUHAMMAD RABIU
