COVID- 19: Cutdown lending rates of commercial banks, MAN tasks FG

In a bid to enhance Industrial activities to compete favourably with other African countries under the African Continental Free Trade Area (AfCFTA), the Manufacturers Association of Nigeria (MAN) has called on the Federal Government to cutdown the lending rates of commercial banks in the country.
Recall that the AfCFTA had commenced trading on the 1st of January, 2021, to consider the adoption of the legal instruments that will facilitate its operation.
The Chairman of MAN Kwara/Kogi, Bioku Rahmon made the disclosure after a roundtable discussions with federal agencies to proffer solutions to the challenges confronting the manufacturering sector during COVID-19 pandemic.
He said, “During this pandemic several companies are going into comatose because of inadequate finance to run their businesses. Many have to borrow money to run our factories.
He stated that the association would continue to engage the tiers of government on areas like poor Infrastructures, inadequate power supply and the issue of multiple taxation that are stumbling blocks to the development of the manufacturing sector.
The Chairman noted that the one on one discussion with federal agencies is targeted at familiarizing and explaining the roles they play and charge them to do more when they are lacking on such roles to boost Industrial productivity.
He said “We want to prioritize areas of input so that policies operators can assist us in making the environment conducive for investor.
Rahmon emphasized that the interactions with the agencies is superb as there is more awareness on things they don’t know and area of collaborations with the parastatals.
The agencies include; Federal Inland Revenue Service (FIRS), Standard Organisation of Nigeria (SON), Nigeria Custom Service (NCS), Raw Material Research and Development Council, Bank of Industry (BOI), Kwara Internal Revenue Service (KWIRS) among others .