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Nigeria’s Revenue falls by N1.89tn

The gross oil and gas federation revenue for the first four months of 2022 failed to meet the expected target, falling from N3.12 trillion to N1.23...

Sports3 years ago

Full List: CAF Awards 2022

It was a blessed day for Senegal on Thursday at CAF yearly awards in Rabat as national team captain and new Bayern Munich signing Sadio Mane...

Entertainment3 years ago

Tems receives credits on Beyonce’s new album, Renaissance

The next album “Renaissance” by Beyonce has songs written by Temilade Openiyi, a Nigerian musician better known by the stage name Tems. The Grammy-winning artist unveiled...

Politics3 years ago

Don’t expect any miracle from Peter Obi, Labour Party – Atiku

Presidential candidate of the People’s Democratic Party, PDP, Abubakar Atiku has asked Nigerians not to expect a miracle to happen on the basis that Peter Obi...

Sports3 years ago

Falcons battle Zambia for consolation medal

After seeing their chances of winning the Women’s Africa Cup of Nations for the 10th time quenched by hosts Morocco, the Super Falcons turn their attention...

Manufacturing companies 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 The PUNCH, 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.” 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. According to a The PUNCH report, 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. Read Also CBN’s rate hike portends harder times for SMEs We’ll no longer route sensitive election materials through CBN – INEC 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 the 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.”

Business3 years ago

CBN panel panics over Nigeria debt repayment capacity

The Monetary Policy Committee of the Central Bank of Nigeria has raised concerns over the nation’s debt sustainability in light of current global uncertainties. The Federal...

Sports3 years ago

Liverpool, Chelsea Slip Down Top Clubs in the World List

Liverpool and Chelsea have both dropped in football’s global power rankings – while Manchester United embarrassingly languish outside of the top 20. The Premier League trio...

Politics3 years ago

Tinubu Campaign Organisation clears air on clergymen at Shettima’s unveiling

The Tinubu Campaign Organisation has described as unwarranted, distractions the viral pictures and videos of some Christian clergy at Wednesday’s unveiling of Sen. Kashim Shettima, All...

News3 years ago

JAMB adopts cut-off marks for 2022 UTME

The Joint Admissions and Matriculation Board (JAMB) has adopted 140 as the minimum cut-off mark for degree awarding institutions for the 2022 admission process. The minimum...

News3 years ago

Pictorial: Buhari presides over security meeting

President Muhammadu Buhari on Thursday, presided over the National Security Council meeting. The meeting held at the Council Chambers, State House, Abuja. In attendance are Chief...