Business
MAN Seeks CBN’s Partnership On Access To Finance
The Manufacturers
Association of Nigeria (MAN) has sought the partnership of the nation’s apex bank, Central Bank of Nigeria (CBN) under its new governor, Godwin Emefiele who took over the bank’s mantle of leadership on June 1.
The association said the synergy would ensure the apex bank loosen its tight monetary policy for easy access to finance by members of the association.
A communiqué made available to The Tide by the Association’s executive secretary Elder Arikpo Arikpo said manufacturers in the country could not access finance under the single digit interest without co-operation and partnership with the bank’s leadership in its monetary policy.
He said manufacturers in Nigeria had found it difficult to access finance because of the firm grip of the Central Bank of Nigeria on monetary policy and the high interest rate on borrowing at double digits.
The executive secretary said the synergy of the association with the apex bank would ensure effective intervention by the bank so as to put manufacturers in Nigeria back in business.
He said members of the association are competent and capable manufacturers that could compete favourably with manufactures from other countries if given all the necessary support and assistance by the bank and other agencies.
The communiqué lamented the multiple and discriminate taxation on the association’s members which had created hardship both in terms of cost of doing business for manufacturers in the country.
MAN decried the method of enforcing these taxes considered as “impropriate taxes and levies’ on its members.
Philip Okparaji