The Manufacturers Association of Nigeria (MAN), has applauded improvements made so far by the government through the adoption of measures that has led to better ways of doing business in the country.
The Director-General of MAN, Mr Segun Ajayi-Kadri said the improved rating would assure investors that Nigeria remained the place to go for investments.
He, however, advised the government to adopt policies that would engender industrialization and reflate the economy to retain its position as Africa’s biggest economy.
Mr Kadri also called on government to consider paying some tokens as interests to contractors on the monies owed contractors over time.
According to him,the unpaid debts to manufacturers, who often borrowed at high rates were causing distortions on investment projections.
“The cost of funds does not wait for when you are to be paid to execute your contract. As a result, manufacturers and suppliers suffer greatly because of these delays many of which run into years. I think it is desirable that paying interest should be given positive consideration so that we can generally impact on productivity,” the Director General explained.
Ajayi-Kadri further said that giving interests to investors would re-assure them that they would not go bankrupt after committing huge funds on investments.
It would be recalled that the Federal Government recently approved the issuance of promissory notes and bonds to settle debts owed local contractors from 2006 to 2015.