Gas At $8.70/scf, Costly Loans Undermining Manufacturing Sector- Expert

The managing director, Coleman Technical Industries Limited, George Onafowokan has said high gas costs of $8.70 per thousand standard cubic feet and expensive loans from banks have continued to undermine the manufacturing sector.
Onafowokan in an interview said that Nigeria’s $1 trillion economy attainment depends on cheaper energy and capital for manufacturing and agriculture.
He noted that while the Central Bank of Nigeria’s decision to hold MPR at 26.5 per cent may provide short-term stability, the rate and other input costs remain too high for factories to expand and create jobs.
Onafowokan backed the CBN’s hold on rates, calling it “the right balance for now, but predicted grad...