The Manufacturers Association of Nigeria (MAN) has raised concerns about the Federal Government’s N1 billion loan initiative to support manufacturers.
News About Nigeria reports that they cited a lack of transparency and uncertainty about the beneficiaries.
Despite President Bola Tinubu’s announcement of the loan programme, MAN said it has not confirmed any manufacturers receiving these funds, sparking scepticism about the program’s implementation.
Frank Onyebu, a former chairman of MAN, expressed his concerns, stating that such announcements often fail to translate into tangible benefits for manufacturers.
He emphasised the need for transparency, warning that a lack of clarity could lead to misuse and false claims.
Onyebu urged the government to publish a list of recipients to allow the industry to verify and confirm the authenticity of these claims.
Similarly, Gertrude Akhimien, the Lagos Chairman of the Nigerian Association of Small Scale Industrialists (NASSI), remarked that her organisation has no knowledge of any MSMEs approved for these loans, nor have they observed the establishment of MSME hubs in Lagos.
This disconnect between government announcements and industry experiences highlights the need for greater clarity and accountability in implementing financial initiatives.
It added that the call for transparency and verification remains crucial to ensuring that these funds reach the intended beneficiaries and truly support Nigeria’s manufacturing sector growth.
The government must provide clear information about the loan program’s beneficiaries, implementation, and progress to build trust and confidence among industry stakeholders.
“Such disbursements should be open and transparent. If legitimate manufacturers were benefiting, they would acknowledge it. The government should publish a list of recipients to allow the industry to verify and confirm the authenticity of these claims,” he urged.
In his speech, President Tinubu also highlighted that “75,000 beneficiaries have been processed to receive N1 million in micro and small business single-digit interest loans starting this month. Moreover, 10 MSME hubs have been established over the past year, creating 240,000 jobs, with an additional five hubs expected to be completed by October.”
Yet, scepticism persists among industry leaders. Gertrude Akhimien, the Lagos Chairman of the Nigerian Association of Small-Scale Industrialists (NASSI), remarked, “As the head of the organisation in Lagos, we have no knowledge of any MSMEs that have been approved for these loans. Furthermore, we have not observed the establishment of the MSME hubs in Lagos.”
