Victor EzejaDirector General of the Manufacturing Association of Nigeria (MAN), Segun Ajayi-Kadir, has called on the government to create financing windows that offer credit to industries at a rate not more than five per cent to facilitate local production activities.
Ajayi-Kadir, who spoke in a media chat, expressed concerns that the domestic industries have various challenges they battle with daily and urged the government to create a conducive environment for the manufacturing sector to thrive. According to him, the manufacturing sector is vital to every economy and should be given all the necessary support.
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“The government should also open new windows for us to source our credit at rates that are not lower and that are not higher than five per cent. These are very quick wins that the government can do that can lower the pressure that is upon the manufacturing sector,” Ajayi-Kadir stated.
“Manufacturing in any economy is a strategic choice and the government must decide if it wants the country to be industrialised. If so, it must take all necessary steps to remove the binding constraints that hinder the sector’s performance. Nigeria has not done so, so we see closures,” he added.
The DG of MAN argued that with appropriate government empowerment, the recent departure of several international corporations from Nigeria presents a fantastic opportunity for domestic manufacturers to prosper in the country.
Prime Business Africa reports that no fewer than seven multinational companies have left Nigeria since 2023. They cited an unfavourable business environment also exacerbated by foreign exchange scarcity.
Ajayi-Kadir said providing such credit with an affordable interest rate would boost domestic production.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
