The manufacturing Association of Nigeria (MAN) companies of Nigeria have said they cannot access loans at the Central Bank of Nigeria’s 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.

Speaking with newsmen, the Chairman of Manufacturers Association of Nigeria’s Electrical/Electronic sectoral group, IJEOMA ODUONYE, said efforts made by her firm towards accessing the intervention funds through one of its designated commercial banks had proved abortive.

According to the Sectoral Chairman of the Manufacturers Association of Nigeria’s Gas users, MICHAEL OLA-ADEBAYO, the structural framework of the CBN intervention leading has complexities that limit manufacturers from accessing them through the designated commercial banks.