SANGO – The Manufacturers Association of Nigeria (MAN), Ogun State Chapter, has appealed to the Federal Government to make cheap funds available to manufacturers in 2015.[pro_ad_display_adzone id=”10″]
Mr Wale Adegbite, Ogun MAN President made the appeal in an interviews with the News Agency of Nigeria (NAN) on Thursday in Ota.
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The MAN president said that access to cheap funds would boost manufacturing activities in the country.
Adegbite said that the recent devaluation of the nation’s currency due to falling oil prices had increased the cost of importing raw materials.[pro_ad_display_adzone id=”10″]
He added that manufacturers found it difficult to access loans from banks to finance their business due to increase in benchmark lending rate in the financial sector from 12 per cent per cent to 13 per cent.
“ The cheap funds created by the Federal Government through Bank of Industry (BOI), has been restricted to manufacturers in the power sector, agriculture and automobile industries, to refinance their businesses,” `Adegbite said.[pro_ad_display_adzone id=”10″]
He stressed that there was the need to extend the use of cheap funds to manufacturers, like Small and Medium Enterprises (SMEs) so that they could have working capital to enhance their operations.
Adegbite said that the ability of the Federal Government to provide access to cheap funds for the SMEs would lead to jobs creation and economic growth. (NAN)
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