Manufacturers Association of Nigeria, MAN, has flayed the high interest rates charged by commercial banks on loans,stressing that it is impeding the growth and survival of the manufacturing sector.
The national president of the association, Frank S. Udemba Jacobs,who spoke during an assessment tour and visit to companies/factories in Kaduna, called on the Central Bank of Nigeria (CBN) to prevail on the commercial banks to reduce the interest rates and give loans on long term basis.
He also flayed the activities of smugglers and called on the Customs and Standard Organisation of Nigeria to nip the problem in the bud.
He said: “I have seen a number of factories in Kaduna that are doing very well, although they have a number of challenges as usual. But we will try to take care of those challenges as possible as we can. Basically, we will try to engage the government to ensure that those issues are addressed.”
“Some of the challenges is the smuggling of substandard goods into the country. These goods come in at a ridiculously low prices such that the purchase of similar goods produced in the country becomes uncompetitive.”
He implored the Nigeria Customs Service and the Standards Organisation of Nigeria to make curb the influx of substandard products into the sure that they nip this thing in the bud when these smugglers try to bring the products in illegally.”
