The Manufacturers Association of Nigeria (MAN) has expressed concern over the current interest rate in Nigeria.

MAN, at its annual media luncheon led by its president, Dr. Frank Jacobs Udemba, in Lagos, noted that one of its major focus for the year 2017 is advocacy for concessionary interest rate of five percent for manufacturers.

He noted that the association has done its best on its advocacy on lowering the monetary policy rate, stressing that it would continue asking for five percent interest rate for manufacturers as high interest rate will not favour them.

Udemba urged the Central Bank of Nigeria to take a drastic action about lowering interest rate for manufacturers, stressing that MAN members were not happy with the current rate.

Speaking on foreign exchange, Udemba stated that unavailability of forex has forced most manufacturers to close shop or reduce their capacity.

“Most of our members are depending on the black market to source for foreign exchange for procurement of their raw material and machineries from abroad which will make us uncompetitive.

“Periodically, we engage government on the issue of patronage of made in Nigeria products. We have had forum on it and we have recorded success. Today they are coming up with buy made in Nigeria policy.”