Bank of Industry has said high cost of doing business and other challenges are major reasons why manufacturers lack access to financing options.
According to him, other factors such as lack of credit history, non-availability of collateral, vulnerability to market fluctuations and the highly unstructured nature of many manufacturing entities also accounted for major reasons why many of them lacked access to finance. In its Bi-Annual Economic Review, the Manufacturers Association of Nigeria had identified lack of access to funding as a major factor that had stunted the growth of the industry.
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