FG introduces zero Import Duty for manufacturers, Decries 20 Percent Interest Rate in Banks

The Federal Government has again demonstrated that it is passionate about real growth in the economy and complained bitterly about the high interest rate of 20 percent charged by banks, even as government has granted zero import waivers to industrialist.

The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala who spoke during a visit to  KAM Industries’ ultra-modern cold roll steel sheet mill complex, meant to produce car body sheets, in Ilorin, said the zero import duty granted by the Federal Government to industrialists will support industrialisation, job creation and agricultural revolution in the country.

On the high lending rate, she said the current interest rate of 20 percent by banks cannot encourage sustainable investment, particularly among indigenous industrialists.

She also said that the development had continued to kill the desire and commitment of indigenous industrialists in financing their capital projects capable of developing the nation’s economy.

The minister was apparently reacting to the claim of the Chairman of the company, Alhaji Kamaldeen Yusuph, that the interest rate on the six-year loan granted to the company by First Bank, to finance the project was 20 percent.

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