Manufacturers say unable to access CBN’s N1trn stimulus facility

CBN's N1trn stimulus facility

Manufacturers say unable to access CBN’s N1trn stimulus facility     The Manufacturers Association of Nigeria (MAN) has lamented the difficulty in accessing the Central Bank’s N1 trillion COVID-19 Stimulus for Manufacturing and Import Substitution, 2020. Its Director-General, Segun Ajayi-Kadir, in a position paper titled, “Comment of MAN on CBN intervention fund for manufacturers and naira 4 dollar scheme,” said members had not been able to access it due to deception of the participating financial institutions and Deposit Money Banks. The paper read, “Generally, MAN observed through feedbacks from members and interaction with…

Read more

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…

Read more