COVID-19: Manufacturers Seek 5% Interest Rate

The Chief Executive Officers of manufacturing Concerns in Nigeria have called on the government to consider five percent interest rate on loans for five to seven years for manufacturers investing to scale up production.

They also called for review of existing loans with reduction in interest rate to five percent and two years moratorium.

These are contained in the first quarter, 2020 MAN CEOs Confidence Index, a quarterly report by the Manufacturers Association of Nigeria (MAN) that measures changes in macroeconomic trends, operating environment and selected diffusion factors relevant to the manufacturing sector to salvage the sector from the brinks of total collapse.

The CEOs also sought for 60 percent of employees’ salaries for at least three months for companies that are forced to shut down as a result of the COVID-19 pandemic to prevent laying offs of employees and massive unemployment.

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