By Franklin Alli

Manufacturers in the country are making move to ask the Central Bank of Nigeria, and Asset Management Company of Nigeria (AMCON) for fresh funds for retooling and for working capital.

Chairman, MAN Apapa Branch Mr. John Aluya, disclosed this during the bi-monthly meeting of the Association stating that this has become necessary as the earlier intervention funding by CBN for manufacturing sector was targeted at erasing non performing loans from the banks which were owed to the banks by some manufacturing companies.

He said that as good as the CBN intention for the sector was it has not repositioned the near comatose state of the manufacturing sector. He said “CBN and AMCON should come to the aid of some ailing, moribund and thriving manufacturing outfits by granting fresh loans for retooling and working capital”.

He said “manufacturers therefore urge the apex bank and AMCON to make funds available for manufacturing outfits that have performing loans with banks and for other manufacturers not captured in the first tier of bail out.

He said that manufacturers lauded the apex bank for its action in re-capitalising some banks as well as the mopping up of toxic debt by AMCON. On his Council’s position regarding the lingering hike in the prices of cement, he said: “Government spoke with two mouths. Government wanted the price of cement to crash, but on the other hand, it raised the price of low pour fuel oil (LPFO) from N40 to N68.”

The Association is displeased at the recent increase in the price of (LPFO) “Black Oil” which serves most for heavy manufacturers such as Cement Manufacturers. An increase in the price of LPFO will lead to increase in the price of cement as has been witnessed in the last three weeks,”

According to him, manufacturers have lauded government for the ongoing reconstruction of Apapa/Oshodi Expressway as well as roads within Tin Cans. “We hope that the works are not palliative but major works to address the level of decay of infrastructure that has caused the loss of human, material and finance resources to the manufacturing sector”.

Manufacturers, he said also commended the State Governor, Babatunde Raji Fashola, for the steady progress in uplifting the infrastructural base of the State most especially the commitment of the State Government in realising the construction of Lagos Badgary expressway, Lekki-Ajah-Epe road and the development of the Lekki Free Trade Zone.

He urged Governor Fashola to extend this development to all parts of the State and industrial estates. “May we use this opportunity to call on the State Government to carry out complete works on Dillion road and Happy Home Avenue road both within the Kirikiri Industrial Estate. These roads have become death traps and valuable man-hours are lost to vehicular traffic.”