Anxiety, as manufacturers anticipate single-digit interest rate in 2018

Following the announcement by the Federal Government of Nigeria that it will soon unveil a single digit interest rate for manufacturers, local producers in the country can’t wait till 2018 to see the move actualized, as it has been long overdue.

The low interest rate according to government was to further promote private sector investments in the economy.

Speaking during the commissioning of the 300-million litre tank farm in Ibefun, Ogun State, recently, Vice President, Prof. Yemi Osinbajo, said the policy was specifically designed to encourage access to loans to the manufacturing sector with a view to boosting economic activities.

He said government was already working out the modalities having realised that the manufacturing sector is key to resetting the economy.

Osinbajo said he had been directed by President Muhammadu Buhari, to develop a framework that will provide access to fund to manufacturers at affordable rate such that the sector will be motivated to boost capacity to trigger economic activities.

He said government will continue to create enabling environment for private sector to thrive.

The Vice President commended the management of Petrolex Oil and Gas Limited, led by Segun Adebutu, for taking such bold initiatives to develop an integrated energy mega city capable of transforming the oil and gas landscape of the country.

He said by its size and scope, the investment will help the country meet its petroleum products need in 2018 and reduce by 20 per cent domestic petrol need by first quarter of 2019.

Osinbajo said the commissioning was a clear testament of the company’s vision and shows also that Nigeria is ready for business.

Motolani Oseni