The Manufacturers Association of Nigeria (MAN) said the planned N75 billion credit interventions by President Bola Ahmed Tinubu would revitalise the manufacturing sector and Micro, Small and Medium Enterprises (MSME) impacted by fuel subsidy removal.
Segun Ajayi-Kadir, the Director General of MAN, disclosed this on Monday in reaction to Tinubu’s nationwide broadcast.
Recall that Tinubu, in its broadcast on Monday, the president announced N75 billion in interventions between July and March 2024 to 75 enterprises to strengthen the manufacturing sector and N125 billion to the informal sector, among other schemes.
Ajayi-Kadir said the move would relieve their businesses and help overcome the lack of funds occasioned by low capacity utilisation and unprecedented low sales in recent times.
He, however uged that the government must ensure quick implementation of the schemes so that the masses would directly feel the impact.
“It is a good start to address the dearth of loanable funds in the face of rising lending rates occasioned by the continued increase in the MPR by the Central Bank of Nigeria (CBN)”, he stated