The Manufacturers Association of Nigeria (MAN) has urged the Federal Government to subsidise interest rate for the real sector. The President, MAN, Dr. Frank Jacobs, made this appeal at a media briefing held at the MAN headquarters in Lagos.
Jacobs, who expressed appreciation to the government and the Central Bank of Nigeria on the recent decision to allocate 60 per cent foreign exchange to the manufacturing sector, also sought a downward review of the current interest rate, noting that it was not investment friendly and did not support the economic diversification programme of the government.
According to him, one way government can reflate the economy is to subsidise interest rate for real sector operators so that manufacturing can receive a boost.
He said, “If government truly wants to reflate this economy, there are things that can be done. They can subsidise the interest rate for the real sector knowing what benefits can accrue to government from a healthy real sector.