Nigeria moves industrial policy to execution as manufacturers seek cheaper credit - Businessday NG

Nigeria’s Industrial Revolution Working Group (IRWG) has moved into an implementation phase for the National Industrial Policy, with industry stakeholders calling for cheaper long-term financing to translate the policy into higher production and investment.

At its technical session in Lagos on Thursday, themed “From Technical Consensus to Policy Reality: Advancing the IRWG Execution Mandate After the Launch of the Nigerian Industrial Policy,” the group identified affordable financing as a major condition for achieving the country’s industrial targets.

Segun Kadir, Director-General of the Manufacturers Association of Nigeria (MAN), said lending rates of about 35 percent were undermining manufacturers’ ability to invest and expand.

He described the rates as “suicidal” for productivity and growth, compared with about 8 percent in Benin Republic and Cameroon.

“Capital is priced out of industry. We are crowded out,” Kadir said.