Until FG creates a single digit interest window, MAN can’t do much— Adegbite
Despite the recent claims by the Central Bank of Nigeria (CBN) that it has disbursed about $660m to the members of Manufacturers Association of Nigeria (MAN), indications are rife that what the manufacturers’ are looking for are beyond limited access to forex.
This has forced the Chairman of MAN, Ogun Chapter, Wale Adegbite, on Monday urged the Central Bank of Nigeria (CBN) to create a window that would grant single digit interest rate to the real sector.
While arguing that such lower interest rate would help to boost the real sector, Adegbite said the MPC under the CBN had no choice than to retain the Monetary Policy Rate (MPR) at 14 per cent because of the prevalent higher Inflation rate in the country.
“We are calling on the CBN to provide a platform that would grant single digit interest rate as part of the palliative measures to reduce the effects of rising inflation rate on the manufacturers.’’ he said.
He said there is the need for the CBN to improve the capacity of developmental financial institutions such as the Bank of Industry, for manufacturers to have easy access to single digit interest rate.
In his views, “There is the need for manufacturers to have access to better interest rate like the one granted to agriculture sector for the manufacturers to thrive and produce at optimal capacity”.