The Chief Executive Officer of UBACLE Group, Uba Michael, has urged the Federal Government to support local manufacturers by revisiting the country’s high interest rates.
Michael made the appeal in his New Year message on Wednesday, emphasising the importance of creating a favourable business environment to foster economic growth.
His remarks come in the wake of the Central Bank of Nigeria’s decision in November 2024 to raise its benchmark lending rate to 27.50%, the highest in the nation’s history.
The CBN Governor, Olayemi Cardoso, explained that the decision to raise the country’s Monetary Policy Rate was to tackle inflation, which stood at 33.87 per cent in October 2024.
As a result of this, Michael called on the government to consider lowering interest rates, which he described as a significant hurdle for local manufacturers striving to stay afloat in the challenging business climate.
“I want to urge the Federal Government to give us the new year gift of reviewing the interest rate, which is making it difficult for local manufacturers to continue in business,” he stated.
Michael highlighted the eagerness of local manufacturers to contribute to the nation’s economic growth but lamented the adverse effects of the current financial policies.
“Local manufacturers are eager to contribute their quota to the growth of the economy, but they can’t do that if the business environment is hostile,” he added.
Michael concluded his message with a note of optimism for Nigerians, saying, “The actual reason for this message is to celebrate Nigerians for making it to another year and pray for a prosperous 2025.
“I want to wish every Nigerian a happy new year and pray that the joy that comes with the season is actualised in their lives,” Michael said.
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