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President’s Broadcast: Manufacturers laud credit facility to re-energise MSME, real sector
The Manufacturers Association of Nigeria (MAN) has commended President Bola Tinubu for the proposed credit interventions to revitalise the manufacturing sector and Micro, Small and Medium Enterprises (MSME), to mitigate the impact of fuel subsidy removal.
Director-General, MAN, Mr Segun Ajayi-Kadir, said this disclosed this to the News Agency of Nigeria (NAN) on Monday night in Lagos in reaction to the President’s broadcast.
NAN reports that President Tinubu unveiled plans to provide a N75 billion credit facility between July and March 2024 to 75 enterprises to strengthen the manufacturing sector.
He added that his administration would energise MSMEs and the informal sector with N125 billion among other schemes, to engender sustainable economic growth.
Ajayi-Kadir noted that the assurances in the president’s broadcast represented part of the follow-up measures manufacturers had appealed for and was more beneficial than palliatives that would only give nominal relief.
He lauded the Federal Government’s move to work in a coordinated manner with local and state governments to deliver interventions that would cushion the effect of the hardship across the socio-economic brackets.
The MAN DG said the recently signed four executive orders had set the stage for the much sought-after relief for the manufacturing sector.
According to him, it had become possible to return to their business projections and to look towards a possible profitable production in the affected sectors.
Ajayi-Kadir said the promise that 75 manufacturing enterprises would access N1billion credit at 9 per cent interest rate per annum and working capital was commendable.
He noted that the allocation of N125 billion to energise the MSME segment would give fillip to their businesses and help overcome the paucity of funds occasioned by low capacity utilisation and unprecedented low sales in recent times.
“It is a good start to begin to address the dearth of loanable funds in the face of rising lending rate occasioned by the continued increase in the MPR by the Central Bank of Nigeria (CBN).
“It is, however, very important and critical that the vehicles for the delivery of these loans should be carefully selected and the implementation diligently monitored.
“The Bank of Industry (BOI) has shown excellent performance as an appropriate transaction structure for such facilities.
“It is equally important to ensure that the promised 3000 units of 20-seater buses be procured from indigenous automobile industries.
“This is a golden opportunity for the Federal Government to demonstrate unfailing commitment to the implementation of the subsisting Executive Order 003, which prioritises the patronage of made in Nigeria products,” he said.
The Minister of Justice, Lateef Fagbemi, SAN has warned against obstructing the Economic and Financial Crimes Commission (EFCC) from carrying out its lawful duty .
Fagbemi’s warning is contained in a statement in Abuja.
“This is a matter of very grave concern, it is now beyond doubt that the EFCC is given power by the law to invite any person of interest to interact with them in the course of their investigations into any matter, regardless of status.
“Therefore, the least that we can all do when invited, is not to put any obstruction in the way of EFCC, but to honourably answer their invitation.
“A situation where public officials who are themselves subject of protection by law enforcement agents will set up a stratagem of obstruction to the civil and commendable efforts of the EFCC to perform its duty is to say the least, insufferably disquieting’’.
He added that running away from the law will not resolve issues at stake but only exacerbate them.
“Nigeria has a vibrant judicial system that is capable of protecting everyone who follows the rule of law in seeking protection.
“I therefore encourage anyone who has been invited by the EFCC or any other agency to immediately toe the path of decency and civility by honouring such invitation instead of embarking on a temporising self-help and escapism.
“This can only put our country in bad light before the rest of the world’’.
He said institutions of state should be allowed to function effectively and efficiently.
“I stand for the rule of law and will promptly call EFCC, and indeed any other agency to order when there is an indication of any transgressions of the fundamental rights of any Nigerian by any of the agencies’’.
NAN reports that the EFCC had on Wednesday warned members of the public that it was a criminal offence to obstruct officers of the Commission from carrying out their lawful duties.
Section 38(2)(a(b) of the EFCC Establishment Act makes it an offence to prevent officers of the Commission from carrying out their lawful duties. Culprits risk a jail term of not less than five years.
The warning , the EFCC said, became necessary against the background of the increasing tendency by persons and groups under investigation by the Commission to take the laws into their hands by recruiting thugs to obstruct lawful operations of the EFCC.
On several occasions, the anti graft agency said, operatives of the Commission have had to exercise utmost restraint in the face of such provocation to avoid a breakdown of law and order.
Some unknown gunmen have kidnapped Joshua Rogers, the ChannelsTV reporter in Port-Harcourt, the Rivers State capital.
Politics Nigeria learnt that Rogers was picked up close to his residence at Rumuosi in Port Harcourt and to an unknown destination by the gunmen around 9pm on Thursday, April 11.
The reporter was driving his official ChannelsTV branded car when the hoodlums accosted, pointed a gun at him and took him away in the same vehicle.
Rogers was said to be returning from his official assignment in Government House after a trip to Andoni for a government event when the incident happened.
Already, the gunmen were said to have contacted his wife and demanded a N30million ransom for bis release.
His cameraman confirmed the incident and appealed to his abductors to set him free unconditionally.
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