Manufacturers across the country have been urged to explore alternative sources of funding to sustain their operations, as the country struggles with the current economic challenges.
It has been observed that for manufacturers to be successful under the current economic situation, they must embrace alternative sources of funding.
The Chairman of the Manufacturers Association of Nigeria in Ogun State George Onafowokan made this known while lamenting the challenges of accessing finance from commercial banks.
He cited the high Monetary Policy Rate , which stood at 27.5% as of May 2025.
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He explained that this makes loan repayment difficult and affects profit margins.
Ogun State Governor, Dapo Abiodun was represented by the Commissioner for Industry, Trade, and Investment, Adebola Sofela, who, commended manufacturers for their resilience.
He assured them of the state government’s commitment to improving the business environment through tax harmonization and infrastructure development.
Others at the event also used the opportunity of the 40th AGM to call for the revival of quarterly interactive meetings between manufacturers and government agencies, rehabilitation of internal roads in industrial areas like Agbara and Ota, and an end to multiple taxations
