Ogun State MAN Urges CBN To Reduce Interest Rates On Loans
Members of the Manufacturers Association of Nigeria, (MAN) in Ogun State, South West Nigeria have appealed to the Central Bank of Nigeria (CBN) to urgently compel banks across the country to reduce the 25% interest on loans and overdrafts.
The association made the call in Abeokuta, the Ogun State capital during the 6th quarterly meeting of the body with the state government where issues affecting business operatives in the state are addressed to improve the business environment in the state.
This was in the wake of the downward review of the Monetary Policy Rate (MPR) from 13% to 11%.
Addressing the gathering, the State Commissioner for Commerce and Industry, Mr Bimbo Ashiru, appealed to members of the association to support the ongoing effort by states and federal government towards translating the country from importing to exporting dependent economy to stimulate economic recovery and development.
They also asked the state government to urgently address the challenges of basic infrastructure and security.