MANUFACTURING BUSINESSES

Manufacturing businesses got N570bn loan from banks in 2020 — Apex Bank

Nigeria’s Apex Bank says manufacturing businesses in the country got a total loan of N570bn from banks in 2020 due to the economic meltdown occasioned by the dreaded COVID-19 pandemic.

Nigerian banks’ credit to the manufacturing sector rose to N3.19tn as of December 2020 from N2.62tn at the end of 2019, the Central Bank says in its sectoral analysis of banks’ credit. .

The sector received the second biggest share of the credit from the banks after the oil and gas sector, which got N5.18tn as of December 2020.

“The manufacturing sector, which is the engine of sustainable growth, is still struggling with the debilitating impact of the pandemic and is yet to recuperate,” the Director-General, Manufacturers Association of Nigeria, Mr Segun Ajayi-Kadir, had said in January.

MAN, in a January report, revealed that most manufacturers said commercial banks’ double digits lending rates were discouraging productivity in the sector.

We are an accounting software solutions company. When it comes to implementing suitable and cost effective accounting software solutions for your business, we are the EXPERT! Need an accounting software for your business? Hotline: Call or Whatsapp 0803 3857245 or 0803 239 3958

READ ALSO! Accounting software implementation: 5 key stages in a new accounting system

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! SAGE 50 ACCOUNTING SOFTWARE: 8 KEY BENEFITS FOR YOUR BUSINESS

READ ALSO! SAGE 50 PEACHTREE ACCOUNTING SOFTWARE – ALL YOU NEED TO KNOW

READ ALSO! BBNaija Dorathy Launches Lingerie Line, Says Priority Is Making Busty Women Look Good

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

11 COMMENTS

  1. I would like to thank you for the efforts you’ve put in penning this blog.
    I’m hoping to check out the same high-grade blog posts by
    you later on as well. In fact, your creative writing abilities has inspired me to get my own site now 😉

  2. We’re a gaggle of volunteers and opening a new scheme in our community.
    Your site offered us with useful information to work on. You have
    done an impressive job and our whole neighborhood shall
    be grateful to you.

  3. Yesterday, while I was at work, my sister stole my iPad and tested to
    see if it can survive a twenty five foot drop, just so she can be a youtube sensation. My apple ipad
    is now destroyed and she has 83 views. I know this is
    completely off topic but I had to share it with someone!

  4. Woah! I’m really loving the template/theme of
    this website. It’s simple, yet effective. A lot of times it’s difficult
    to get that “perfect balance” between user
    friendliness and appearance. I must say you have done a
    superb job with this. Also, the blog loads super quick for me on Internet explorer.
    Excellent Blog!

  5. Pretty section of content. I just stumbled upon your web
    site and in accession capital to assert that I acquire in fact enjoyed account your blog posts.

    Any way I’ll be subscribing to your augment and even I achievement you
    access consistently quickly.

  6. I’m amazed, I must say. Rarely do I encounter a blog that’s equally educative and amusing,
    and let me tell you, you’ve hit the nail on the head.

    The problem is something which not enough folks
    are speaking intelligently about. Now i’m very happy I found this in my hunt for
    something regarding this.

LEAVE A REPLY

Please enter your comment!
Please enter your name here