MAN Seeks Low Interest Rates For Manufacturers | Independent Newspapers Limited
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MAN Seeks Low Interest Rates For Manufacturers

Posted: Nov 17, 2015 at 8:30 am   /   by   /   comments (0)

President of Manufacturers Association of Nigeria, MAN, Dr. Frank Jacobs, has called on the Federal Government to look into the inappropriate interest rates being charged manufacturers who obtain loans for businesses, saying the development was crippling businesses in the country.

He said repositioning the manufacturing sector would revive the sector and create employment for the teeming population, in line with the agenda of the administration of President Muhammadu Buhari.

Jacobs, who spoke with journalists in Jos while in the city for the formal re-launch and unveiling of the new NASCO cornflakes, also lamented Nigerians’ mindset towards made in Nigeria products.

According to him, “unemployment will not be addressed that way. Companies are closing down due to inadequate finances and inappropriate interest rates which are as high as 23 per cent are not favourable to manufacturers. Lack of power is also affecting the sector.

“We need a downward review, even as the mind-set of Nigerians who do not patronize Nigerian made products is also crippling the sector as we cannot address unemployment this way. Manufacturers need conducive operating environment.”

He commended the NASCO Group for the feat achieved in re-launching its products at a time when many manufacturing companies were finding it difficult to remain afloat, adding that the occasion was a wake up call to other manufacturers to continuously try to improve the quality of their products.

Similarly, the President, Nutrition Society of Nigeria, NSN, Prof. Ngozi Nnam, whose society endorsed the re-launched products, urged Nigerians to patronize the NASCO Group as its products were suitable for people of all ages and were of high values.

Earlier, the Chairman/Chief Executive Officer of NASCO Group, Dr. Attia Nasreddin, disclosed that the company dated back to 1963 but noted that the first NASCO cornflakes brand was introduced into the country’s market in 1985