Manufacturers Association of Nigeria (MAN) in its annual reports disclosed that the interest rate charged on loans to manufacturing sector has remain persistently high
In the statement which was endorsed by the Director General of the Association; Segun Ajayi-Kadir disclosed that the cost of loanadle fund to the manufacturing sector was persistently high in the second half of 2018.
The statement reiterated that the interest rate charged on loans to manufacturers average 21.4 percent; representing 1.62 and 1.61 percentage point decline when compared with 23,02 and 23.01 percent recorded in the same half of 2017 and the first half of 2018 respectively.
MAN further pointed out that the lending rate to the manufacturing sector average 22.21 percent in 2018 and 22.84 percent in 2017.
Manufacturers Association of Nigeria has more than 3,000 manufacturing organizations in Nigeria held recently their 47th Annual General Meeting for 2019 in Lagos.
MAN was established to promote and protect manufacturers collective interests
Also to promote in close cooperation with our members, other organs of the Organized Private Sector (OPS), the government and other stakeholders in the economy, an enabling environment for industrial development, growth and prosperity of the society at large.
About Manufacturers Association of Nigeria (MAN):
The Manufacturers Association of Nigeria (MAN) was established in May, 1971 as a company limited by guarantee. The establishment of the Association was motivated by the desire to have a focal point of communication and consultation between industries on the one hand, and the government and general public on the other.
Hitherto, there was no institutional organ whose central focus was to give meaning to the interests, problems and aspirations of the manufacturing sector.
The establishment of the Manufacturers Association of Nigeria was to provide a platform for the private sector to formulate and articulate policy suggestions that would be complementary to governments efforts at policy formulation… View More