Commercial banks’ lending rates killing productivity, manufacturers lament

Commercial banks’ lending rates

Commercial banks’ lending rates killing productivity, manufacturers lament   Most manufacturers have said the commercial banks’ lending rates are discouraging productivity in the nation’s manufacturing sector, the Manufacturers Association of Nigeria has said. In a report, MAN revealed that 71 per cent of Chief Executive Officers (CEOs) interviewed “disagreed that the rate at which commercial banks lend to manufacturers encourages productivity in the sector.” It said the cost of borrowing in the country remained at double digits even amidst the reforms meant to culminate in lower rates to engender the…

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