By Merit Ibe
The Manufacturers Association of Nigeria (MAN) has expressed uncertainty regarding the beneficiaries of the Federal Government’s much-touted N1 billion loan earmarked for players in the manufacturing space.
President Bola Tinubu, in a recent nationwide address, revealed that N1 billion payments were being made to large manufacturers through single-digit interest loans aimed at enhancing production and fostering economic growth. However, MAN has not confirmed any manufacturers receiving these funds.
A former chairman of MAN, Frank Onyebu, voiced his concerns, stating, “While it may be part of the government’s plans, I have yet to hear of any manufacturer who has received or been approved for this loan. These announcements are often made, but they seldom translate into tangible benefits for actual manufacturers. As far as I know, there are no beneficiaries.”
Onyebu emphasised the need for transparency, warning that the lack of clarity could lead to misuse, with individuals falsely claiming to be manufacturers to secure these loans. “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 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, skepticism persists among industry leaders. Gertrude Akhimien, the Lagos Chairman of the Nigerian Association of Small Scale Industrialists (NASSI), remarked, “As the head of the organization 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.”
This disconnect between government announcements and the experiences of industry stakeholders highlights the need for greater clarity and accountability in the implementation of such financial initiatives. The call for transparency and verification remains crucial to ensuring that these funds reach the intended beneficiaries and truly support the growth of Nigeria’s manufacturing sector.