Thursday, 03 December 2020

B Business

SINGLE DIGIT INTEREST RATE: Meter manufacturers task central bank

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the Electricity Meter Manufacturers Association of Nigeria has tasked the Central Bank of Nigeria to establish an intervention fund at single digit interest rate for members to enable them to compete with manufacturers in other countries.

 

Executive Secretary of the association, Muyideen Ibrahim, made the appeal in an interview with the News men in Lagos on Tuesday.

He said the appeal was against the backdrop of the challenges faced by EMMAN members to access loan at single digit rate.

According to him, borrowing at double digit interest rate will automatically increase the price of the meter, particularly because Nigerians and distribution companies were already struggling to buy them.

Ibrahim, however, said the optimism was dampened as many of the members’ businesses were on the brink of collapse due to acute shortage of foreign exchange in the country.

 

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