The Manufacturers Association of Nigeria, which represents manufacturing CEOs, claims that the difficulty in obtaining loans has stifled the expansion of the nation’s productive sector.
They asserted that one of the main issues the industrial sector has been facing was the high cost of borrowing and a lack of long-term funding.
The Manufacturing CEOs Confidence Index contained this statement from the manufacturers. The most recent MCCI indicates that in the fourth quarter of 2022, commercial banks’ interest rates on loans to manufacturers somewhat improved.
According to the data, compared to 28.2 percent who agreed in the third quarter of the year, 30.4% of manufacturers surveyed thought the bank lending rate would increase in the fourth quarter of 2022.