Politics
Federal Government Called Upon By MAN To Cut Loan Interest Rates
Federal Government Called Upon By MAN To Cut Loan Interest Rates....KINDLY READ THE FULL STORY HERE▶
The Manufacturers Association of Nigeria (MAN) has called on the Federal Government to instruct the Central Bank of Nigeria (CBN) to significantly reduce interest rates on industrial loans. At the 10th Annual General Meeting of the Kwara/Kogi axis of the Association in Ilorin, Kwara State, outgoing chairman Ramon Bioku expressed frustration with the current rates offered by banks……CONTINUE READING
Bioku proposed that the interest rate be cut to just one percent. He emphasized that “the CBN should direct Deposit Money Banks (DMBs) to lower interest rates on industrial loans. Rates on loans provided as COVID-19 palliatives should also be reduced to one percent.”
The meeting, themed “Tackling the Challenges of the Manufacturing Sector: A Win-Win for Government and Local Manufacturers,” also saw Bioku urging the Bank of Industry to reduce its lending rates and for the CBN to relax many of its foreign exchange policies affecting local manufacturers. “The CBN should broaden the foreign exchange window for local industries,” he added.
In a speech delivered by the state commissioner for Business, Innovation, and Technology, Damilola Yusuf Adelodun, Kwara State Governor reaffirmed the state’s ongoing support for MAN and its commitment to fostering a favorable environment for local manufacturers.
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