Business Archives - Page 16 of 49

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.”

Banks deposits hits N42tn

Total deposits in the banks rose by 24.17 percent from N33.85tn as of the end of June 2021 to N42.03tn in the corresponding period of 2022....

Dirty Diesel: Customs intercept 80,055-litre tankers

Business2 years ago

Dirty Diesel: Customs intercept 80,055-litre tankers

The Nigeria Customs Service have intercepted two tankers laden with poorly produced 80, 055 liters of Automotive Gas Oil, popularly called diesel. In Ijebu-Ode area of...

Nigeria’s Oil Reserves Drop by 543m Barrels – OPEC

Business2 years ago

Nigeria loses 13.21m barrels oil in 8 months

The federal government of Nigeria has lost a huge amount of revenue as result of oil theft in the country between January and August this year....

Commodity Prices Heighten Inflation to 15.63 Percent in December

Business2 years ago

Inflation looms as manufactured goods fall by 36%

The value of manufactured goods traded tumbled by 36 percent from N4.51tn in the second quarter of 2021 to N2.87tn in the corresponding period of 2022....

Naira Slides Further Despite CBN’s Assurance

Business2 years ago

Naira Gains 0.04% Against Dollar At I&E Window

The Nigerian naira appreciated on Thursday 8th September, 2022 against the dollar at the Investors and Exporters window, exchanging at N436.32 compared with N436.50 on Wednesday,...

FG rakes in N8.6trn from FIRS, Customs in 2021

Business2 years ago

FG generates N127.03bn tax from calls, SMS

In the first six months of the year, the Federal Government made a whooping sum of N127.03bn from Value Added Tax on calls, SMS, data, and...

Business2 years ago

FG suspends introduction of excise duty to be paid by telecommunication companies

The Federal Government has suspended the introduction of the five percent excise duty in the digital sector, earlier proposed by the Minister of Finance. The...

Business2 years ago

PHOTO NEWS: Leadership Team of Kaizen Institute Paid Courtesy Visit to Mouka

The leadership team of Kaizen Institute, a global consulting services organization, recently paid a courtesy visit to Mouka, the market leader in the mattresses and beddings...

Business2 years ago

PoS transactions jump to N8tn – NIBSS report

The value of Point of Sale transactions in Nigeria has jumped 39 per cent to N8.03tn in 2022, according to data obtained from the Nigeria...

Business2 years ago

Emirates Airlines restores flight operations to Nigeria’s commercial capital, Lagos

Emirates Airlines has announced its restoration of its flight operations to Lagos, Nigeria. The company made the announcement through e-mails sent to its customers. “We...

Earth News

Banks deposits hits N42tn

Dirty Diesel: Customs intercept 80,055-litre tankers

Nigeria loses 13.21m barrels oil in 8 months

Inflation looms as manufactured goods fall by 36%

Naira Gains 0.04% Against Dollar At I&E Window

FG generates N127.03bn tax from calls, SMS

FG suspends introduction of excise duty to be paid by telecommunication companies

PHOTO NEWS: Leadership Team of Kaizen Institute Paid Courtesy Visit to Mouka

PoS transactions jump to N8tn – NIBSS report

Emirates Airlines restores flight operations to Nigeria’s commercial capital, Lagos

Soludo’s Press Secretary, Christian Aburime, Emerges Media Man Of The Year

Anambra Draws Attention To Media Reports Excluding The State From 70,000 Minimum Wage Paying States … Confirms Payment

Governor Soludo 2025 Budget to Strengthen Anambra Free Education Policy, Transforming Schools Digitally

Bigi Carbonated Soft Drink Treats 50 Lucky Consumers to a Movie Hangout at Ikeja City Mall

Fearless Energy Drink Wins ‘Outstanding Energy Drink of the Year 2024’ Award

Origin Tech Group and NALDA Partners on Greener Hope

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