Stakeholders in Nigeria's manufacturing sector have urged the Federal Government to provide special funding support to boost production and sustain their businesses.
According to industry operators, access to finance remains the biggest challenge facing manufacturers, as lending rates and conditions from financial institutions are unfavourable. Many factories are struggling to meet stringent requirements, leaving them unable to access funds for raw materials and production.
Mr. Ayobami Akinwale, CEO of Olaban Industries, stressed that the current loan regime is unsuitable for manufacturers who require long-term financing. He noted that warehouses are filled with unsold goods due to weak purchasing power, warning that without targeted support, more factories may shut down.
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Similarly, Olalere Ayobami, MD of Manufacturing Limited, described the sector as the "engine room of the economy," insisting that banks must extend long-term credit to manufacturers instead of focusing only on traders.
Operators argued that with the right funding, manufacturers could expand production, create jobs, generate revenue, and drive national development. They, however, lamented that despite government assurances of a conducive business environment, the sector is yet to feel the impact.
