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Manufacturers Association of Nigeria tasks Buhari administration on inappropriate interest rates

17/11/2015 10:50

President of Manufacturers Association of Nigeria, MAN, Dr. Frank Jacobs, has called on President Muhammadu Buhari to look into the "inappropriate" interest rates being charged manufacturers who obtain loans for businesses, saying the development was crippling businesses in the country.


Stressing the need to reposition the manufacturing sector, he noted that such step was necessary to revive the sector and create employment for the teeming population, in line with the agenda of the current administration.


Jacobs made the remarks at a press briefing in Jos during the formal re-launch and unveiling of the new NASCO cornflakes.


He also lamented Nigerians’ mindset towards made in Nigeria products.


He noted that: “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.”


While commending the NASCO Group for the feat achieved in re-launching its products at a time when many manufacturing companies were finding it difficult to remain afloat, he said that the occasion was a wake up call to other manufacturers to continuously try to improve the quality of their products.

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