President Manufacturers Association of Nigeria, MAN, Dr. Frank Udemba Jacob has blamed lack of fund as a major challenge that discourages many manufacturers in the country especially small scale investors.
Dr. Udemba who stated this yesterday while speaking at the state Governments industrialisation summit held in Abuja said that although the federal government has established a number of funding widows to solve this but the challenge still persists.
He added that the Central Bank of Nigeria’s, CBN, N220billion Micro, Small and Medium Enterprises Development Fund, MSMEDF, and the N300billion Real Sector Support Facility, RSSF, has been under-accessed due to strict collateral conditions imposed on them.
“Funding is a major challenge that frustrates the efforts of many manufacturers, especially small scale investors who cannot afford the high interest rates. The government has established a number of funding for manufacturing industries. These windows are however not adequate and the available ones are not easy to access,” he said.
He then called on the government has to pay particular attention to manufacturing financing, if efforts at reviving the sector and making it a critical part of the growth engine are to yield any positive results.
The MAN president therefore suggested that the recent established Nigerian Development Bank should be made operational and the Bank of Industry should be recapitalised to enable it meets its mandate.
“We are suggesting that allocations to manufacturers by the CBN or BOI should be given directly to manufacturers instead of through commercial banks,” he advised.

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