Finance

FG Promises Lower Interest Rate For Manufacturers

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The Federal Government on Tuesday said it will soon announce a new interest rate to encourage access to loan for manufacturers in the country.

Besides, it said it is currently working out the modalities to ensure it comes to fruition having realised that the manufacturing sector is key in putting the nation’s economy in good shape.

Vice President Yemi Osinbajo disclosed these at the commissioning of the multi-billion dollars 300 million litres tank farm capacity built by Petrolex Oil and Gas Limited, an indigenous company located in Ibefu, Odogbolu Local Government Area of Ogun State.

The tank farm is the largest in sub-Sahara Africa. The project has 30 loading gantries, 4,000-truck capacity park, 30KT vessel and eight tugboats.

The project, according to the vice president, will help in fulfilling the Federal Government’s target of reducing importation of petroleum products to less than 20 percent by the first quarter of 2019.

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