• About
  • Advertise
  • Contact
Thursday, October 23, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Business

Manufacturers tackle CBN over inability to access N1trn low-interest loan facility

Vital News by Vital News
June 10, 2022
in Business, Economy
0
Share on FacebookShare on Twitter

Lagos – Manufacturing companies have said they cannot access loans at the Central Bank of Nigeria’s (CBN) five per cent lending rate under its intervention scheme for manufacturing and other critical sectors.

According to them, the loans have structural framework problems and are almost never accessed in banks at five per cent. They added that banks were more open to giving manufacturers loans at their official market rates.

The Chairman of Manufacturers Association of Nigeria’s Electrical/Electronic sectoral group, Mrs Ijeoma Oduonye, said efforts made by her firm towards accessing the intervention funds through one of its designated commercial banks had proved abortive.

She said, “Before now, we tried to work through one of the banks, but it didn’t materialise, now we are talking with another bank. It is a sector intervention fund that was going for nine per cent before but now they brought it to five per cent. But we as a company have not accessed it because the commercial banks we wanted to process it in could not process it.

“I do not understand the details from their end. I don’t know the regulation between the bank and the CBN. But the bank told my firm they won’t be able to process it. Ordinarily, commercial banks would prefer you use their funds, it is at a higher interest rate.”

RelatedStories

‎IMPI Revises Inflation Rate Projection To 14% From 17% For December

FAAC Shares N2.103 trillion September 2025 Revenue Among FG, States, LGs

Dangote Seeks Urgent Legal Backing For “Nigeria First” Policy To Drive Growth In Manufacturing Sector

Nigeria’s Inflation Drops To 18.02pct

Also, according to the Sectoral Chairman of the Manufacturers Association of Nigeria’s Gas users and the Executive Director of Haffar Industries, Michael Ola-Adebayo, the structural framework of the CBN intervention leading has complexities that limit manufacturers from accessing them through the designated commercial banks.

He said, “We have not been getting the loans. Has any manufacturer been borrowing this money? The commercial banks have not provided the facility to borrow money at five per cent, or even 10 per cent.

The CBN agreed to leave interest rates at five per cent per annum for critical sectors and manufacturing industries until March 2023.

This decision followed the resolution of the Monetary Policy Committee to increase the benchmark interest rate to 13 per cent from 11.5 per cent.

When contacted, the Director of Corporate Communicatios, CBN, Mr Osita Nwanisobi, disagreed with the position of the manufacturers.

Bank customers to produce indemnity for online transfers above N1m – CBN.

According to him, more than N1tn has been disbursed under the intervention scheme for the manufacturing sector and others.

He said, “I don’t know who the manufacturers are, because if we have a fund, and the payout as of today is over N1tn, is it not manufacturers that collected this money?

“If over N1tn has been disbursed, are they ghosts? It couldn’t have been a ghost. Under the Differentiated Cash Reserve Requirement, over N1tn has been given out. The one for manufacturers, we call it the DCCR, and it is also at five per cent.”

Nwanisobi added that the manufacturing firms that might have been unable to obtain funds through the scheme were not able to pitch convincing proposals on the projects that t he funds would be used for.

He stated, “The banks would have to do due diligence on those projects. Somebody else has to carry that credit risk. (Punch)

Tags: AccessCBNloansmanufacturers
Previous Post

5,000 pensioners receive N18 billion gratuity in Oyo

Next Post

In Ibadan, Man remanded for raping 24-yr-old lady

Vital News

Vital News

RelatedStories

‎IMPI Welcomes First Interest Rate Cut In Five Years, Says CBN Decision Aligns With Its Projection
Economy

‎IMPI Revises Inflation Rate Projection To 14% From 17% For December

October 22, 2025
FAAC Shares N2.22 trillion August 2025 Revenue Among Federal, States, Local Governments
Economy

FAAC Shares N2.103 trillion September 2025 Revenue Among FG, States, LGs

October 17, 2025
Dangote Seeks Urgent Legal Backing For “Nigeria First” Policy To Drive Growth In Manufacturing Sector
Economy

Dangote Seeks Urgent Legal Backing For “Nigeria First” Policy To Drive Growth In Manufacturing Sector

October 16, 2025
Capital Inflows Into Nigeria Up By 67.12% In Q1 2025
Economy

Nigeria’s Inflation Drops To 18.02pct

October 15, 2025
PMI Endorses Dangote Refinery As A Global Benchmark For Project Excellence
Economy

PMI Endorses Dangote Refinery As A Global Benchmark For Project Excellence

October 14, 2025
Next Post

In Ibadan, Man remanded for raping 24-yr-old lady

Nigeria confirms 31 new cases of monkeypox

Wike orders prosecution of Amaechi, Tonye Cole for alleged diversion of Rivers' $50 mln

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

Gunmen Kidnap NPC Federal Commissioner, Driver, Maid In Rivers

Gunmen kill 50 Farmers In Niger Communities, Rustle Livestock

2 years ago

Your Alleged Investment In Anambra Worths Nothing, Soludo Tells Peter Obi

3 years ago
Ogun Deputy Governor Advocates Accurate Boundary Demarcation To Prevent Conflicts

Ogun Deputy Governor Advocates Accurate Boundary Demarcation To Prevent Conflicts

2 years ago
Abiodun Names Kemta-Idi Aba-Somorin Road After Wole Soyinka

Abiodun Names Kemta-Idi Aba-Somorin Road After Wole Soyinka

1 year ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • Maritime/ Marine Transport
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Tourism
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu US
No Result
View All Result

Highlights

Governor Adeleke Appoints Davido Chairman Of Osun State Sports Trust Fund

FG Warns Buyers To Stay Off ARCEDEM, Radio Nigeria Land, Four Other Landed Property In Oyo

‎IMPI Revises Inflation Rate Projection To 14% From 17% For December

National Orthopedic Hospital Jalingo Signs MoU With Police Health Maintenance Limited

Former Kogi Senator In Trouble Over Attempts To Scuttle Appointment Of Amupitan As INEC Chairman, Action Raises Dust Among Kinsmen

Three INEC Officials Going For November 8 Anambra Governorship Election Kidnapped In Kogi

Trending

Dangote Denies Ownership Of Truck Involved In Enugu Accident
News

Dangote Group Denies Ownership Of Truck In Akungba-Akoko Accident

by Vital News
October 23, 2025
0

Dangote Group has refuted reports circulating on social media and in some online platforms linking it to...

Former Minister, Tanimu Turaki, Emerges Northern PDP Consensus Candidate As National Chairman

Former Minister, Tanimu Turaki, Emerges Northern PDP Consensus Candidate As National Chairman

October 23, 2025
Trailer Crushes Female University Lecturer To Death In Lokoja

Trailer Crushes Female University Lecturer To Death In Lokoja

October 23, 2025
Governor Adeleke Appoints Davido Chairman Of Osun State Sports Trust Fund

Governor Adeleke Appoints Davido Chairman Of Osun State Sports Trust Fund

October 22, 2025
FG Cancels Independence Anniversary Parade

FG Warns Buyers To Stay Off ARCEDEM, Radio Nigeria Land, Four Other Landed Property In Oyo

October 22, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • Dangote Group Denies Ownership Of Truck In Akungba-Akoko Accident October 23, 2025
  • Former Minister, Tanimu Turaki, Emerges Northern PDP Consensus Candidate As National Chairman October 23, 2025
  • Trailer Crushes Female University Lecturer To Death In Lokoja October 23, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • Maritime/ Marine Transport
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Tourism
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In