The Manufacturers Association of Nigeria, MAN, has raised strong concerns over the Central Bank of Nigeria’s decision to retain the Monetary Policy Rate at 27.5% since November 2024, warning it could stifle the nation’s manufacturing base and derail the federal government’s ‘Nigeria First’ industrial policy.
In a statement issued yesterday, MAN’s Director General, Segun Ajayi-Kadir, described the rate as economically suffocating, particularly when many global economies are lowering interest rates to spur growth and tackle stagflation.
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He warned that persistently high borrowing costs could erode local production capacity and competitiveness.
The Lagos Chamber of Commerce and Industry, LCCI, on its part, urged the CBN to signal possible future rate easing if macroeconomic indicators continue to improve.
LCCI’s Director General, Dr Chinyere Almona, noted that maintaining the current rate suggests a careful balance—guarding against inflation while monitoring the broader economic landscape for signs of sustained recovery.
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