Lagos — The Group Managing Director and Chief Executive Officer of Omatek Plc, Mrs. Florence Seriki said many companies prefer to take loans overseas because of single digit interest rate.

She said when the Minister of Trade and Investment, Mr. Olusegun Aganga, visited Omatek's ultra modern factory in Lagos. She said that the major challenge crippling businesses and manufacturers in Nigeria was inadequate funding, adding that high interest rates on borrowings were not favorable to the survival of small businesses.