The National President of the Manufacturers Association of Nigeria (MAN), Dr. Frank Udemba Jacobs, has decried the Central Bank of Nigeria (CBN) and Bank of Industry’s (BoI) policy of nine per cent of the cost of borrowing from commercial banks to manufacturers.
He appealed to government to urgently fast-track the commencement of operations by the recently established Development Bank of Nigeria, dedicated to industrial development.
The lack of access to funds at a liberal cost, the president averred, has been one of the major challenges facing the manufacturing sector.
He added that funding for manufacturers should be given priority attention as the sector cannot grow under the prevailing high interest rate.
Speaking on telephone on Sunday, Jacobs said he paid a courtesy visit to the Minister of Finance, Mrs. Kemi Adeoshun, at her office in Abuja, over the weekend, to intimate her with the fact that manufacturers are not finding it easy to secure credits from commercial bank window.
He said the non-oil exports have taken a dip, especially as the Negotiable Duty Credit Card (NDCC), which is part of the Export Expansive Grant (EEG), is no longer being honoured by government, stressing that the EEG/NDCC policy has been very beneficial in promoting manufactured exports but was suspended some years back.