As reported by Leadership, the Manufacturers Association of Nigeria (MAN) has called on the Federal Government to urgently instruct the Central Bank of Nigeria (CBN) to significantly reduce interest rates on industrial loans.

Speaking during the 10th Annual General Meeting of the Kwara/Kogi axis of the Association, held in Ilorin, Kwara State, on Tuesday, the outgoing chairman, Ramon Bioku, expressed concern over the current interest rates on business loans provided to its members by banks.

Bioku emphasised that these rates should be further reduced to one percent to alleviate the financial burden on manufacturers.

The theme of the meeting was “Tackling the Challenges of the Manufacturing Sector: A Win-Win for Government and Local Manufacturers.”

“The CBN should also direct DMBs (Commercial Banks) to reduce interest rates on industrial loans. The Interest rates charged on Industrial Loans and other loans released as COVID-19 palliatives should be significantly reduced further to one per cent,” Bioku said.

He also urged the Bank of industry to approve and urgently roll out further reductions in its lending rates to industries, asking the CBN to wave many conditions for its foreign exchange policies to local manufacturers.

“CBN should widen the window of Foreign Exchange to Local Industries”, he said.

In his speech, read by the state commissioner for Business, Innovation and Technology, Damilola Yusuf Adelodun, Kwara State governor declared the state's continual support for MAN to boost the economy of the state.

The governor promised that the state government would continue to create a conducive environment for the manufacturers in the state.