• About
  • Advertise
  • Contact
Wednesday, June 25, 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

Dangote Cement EBITDA Hits Over N1trillion, Shareholders Smile Home With N30 Dividend Per Share

Dangote Cement Trains Ibese Host Community Leaders For Optimal Performance

Qatari Firm Set To Establish Multi-Million Dollar Food Company In Ogun

2024 Trading Year : Dangote Cement Pays N502.6Billion Dividends To Shareholders

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

2024 Trading Year : Dangote Cement Pays N502.6Billion Dividends To Shareholders
Business

Dangote Cement EBITDA Hits Over N1trillion, Shareholders Smile Home With N30 Dividend Per Share

June 25, 2025
Dangote Cement Trains Ibese Host Community Leaders For Optimal Performance
Business

Dangote Cement Trains Ibese Host Community Leaders For Optimal Performance

June 24, 2025
Qatari Firm Set To Establish  Multi-Million Dollar Food Company In Ogun
Business

Qatari Firm Set To Establish Multi-Million Dollar Food Company In Ogun

June 24, 2025
2024 Trading Year : Dangote Cement Pays N502.6Billion Dividends To Shareholders
Business

2024 Trading Year : Dangote Cement Pays N502.6Billion Dividends To Shareholders

June 23, 2025
NUT: A Stand For Truth, Unity And Progress — Western Bloc Speaks Out On Recent Misleading Press Release By Okun Stakeholders Forum
Economy

NUT: A Stand For Truth, Unity And Progress — Western Bloc Speaks Out On Recent Misleading Press Release By Okun Stakeholders Forum

June 23, 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

Oyo Releases Names Of 5,600 Newly Recruited Pry School Teachers

7 months ago
NDLEA Intercepts Opioids Worth N9billion In Rivers, Arrests Canadian Lady For Importing Loud Into Nigeria

NDLEA Intercepts Opioids Worth N9billion In Rivers, Arrests Canadian Lady For Importing Loud Into Nigeria

9 months ago

Oriyomi Hamzat was arrested by police with warrant – FPRO

3 years ago

NGO offers free skills training to 5,000 youths

3 years 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
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election elections 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
No Result
View All Result

Highlights

7 Israeli Soldiers Killed In Gaza, Military Says

Dangote Cement EBITDA Hits Over N1trillion, Shareholders Smile Home With N30 Dividend Per Share

NDLEA Nabs 129 Suspects, Seize 282.3kg Illicit Drugs In Kogi

Former Kwara Governor, C.O. Adebayo Dies At 84

Dangote Cement Trains Ibese Host Community Leaders For Optimal Performance

Strike Set Back Iran’s Nuclear Program By Only A Few Months – U.S. Report Says

Trending

Horror As Gunmen Kill 3, Abduct 12-yr old Girl In Night Attacks On Kwara Community
News

Horror As Gunmen Kill 3, Abduct 12-yr old Girl In Night Attacks On Kwara Community

by Vital News
June 25, 2025
0

Residents of Patigi Local Government in Kwara State were thrown into mourning in the early hours of...

17 States Confirm Readiness To Host Olympic Day On June 28

17 States Confirm Readiness To Host Olympic Day On June 28

June 25, 2025
PDP Reinstates Samuel Anyanwu As National Secretary, Cancels NEC Meeting

PDP Reinstates Samuel Anyanwu As National Secretary, Cancels NEC Meeting

June 25, 2025
7 Israeli Soldiers Killed In Gaza, Military Says

7 Israeli Soldiers Killed In Gaza, Military Says

June 25, 2025
2024 Trading Year : Dangote Cement Pays N502.6Billion Dividends To Shareholders

Dangote Cement EBITDA Hits Over N1trillion, Shareholders Smile Home With N30 Dividend Per Share

June 25, 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

  • Horror As Gunmen Kill 3, Abduct 12-yr old Girl In Night Attacks On Kwara Community June 25, 2025
  • 17 States Confirm Readiness To Host Olympic Day On June 28 June 25, 2025
  • PDP Reinstates Samuel Anyanwu As National Secretary, Cancels NEC Meeting June 25, 2025

Categories

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