Governor Peter Mbah of Enugu State has urged a review of Nigeria’s high-interest financing framework, saying commercial rates of 30–37% “kill industrial growth and competitiveness.”
Speaking through Deputy Governor Barr. Ifeanyi Ossai at the 37th AGM of MAN Southeast in Enugu, Mbah said manufacturers and small businesses cannot thrive under a credit system that “suffocates production.” He called for more regional offices of development banks to make affordable loans more accessible.
He also stressed linking research institutions directly to industry, saying strong R&D is key for backward integration and local content growth.
Senator Osita Izunaso backed the call, noting that limited access to finance and forex are major challenges for manufacturers. He encouraged MAN to partner with states to explore gas deposits in the Anambra trough, promising cheaper industrial energy. Izunaso also noted that a new law mandating at least 30% local raw materials in manufacturing is awaiting Presidential assent.
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MAN Southeast Chairman, Lady Ada Chukwudozie, highlighted tax sensitization initiatives with PwC to help SMEs navigate regulations, and stressed eliminating multiple taxes, adopting sustainable energy, and supporting agribusiness to secure raw materials for local production.
RMRDC DG, Prof. Nnanyelugo Ike-Muonso, urged SMEs to embrace backward integration and import substitution to stabilize costs and strengthen local manufacturing.
Traditional ruler, His Eminence Eze Eberechukwu Oji, called on MAN to revive dormant industries in the Southeast, noting that every imported product represents a lost local job. The event also honored top manufacturers and SMEs with Awards of Excellence.
This version frames the story to focus on SMEs, local production, and accessible financing while keeping the key points from the AGM.
