MAN Calls for Lower Lending Rates to Boost Manufacturing

The Manufacturers Association of Nigeria (MAN) has called on the Central Bank of Nigeria (CBN) to reduce the Monetary Policy Rate (MPR) from the current 26.5% to below 20%. This request stems from concerns that high lending rates are making bank credit prohibitively expensive, thereby stifling manufacturing growth.

MAN also urged the CBN to prioritize manufacturers in foreign exchange allocation and to fully implement the Nigeria First Policy, which mandates that at least 80% of goods procured by government agencies come from local manufacturers. The Manufacturing CEOs Confidence Index for Q2 2026 rose to 52.1 points, indicating renewed confidence among manufacturers, despite ongoing challenges such as limited access to finance and high production costs.

Segun Ajayi-Kadir, the Director-General of MAN, noted that the improved outlook is attributed to recent government reforms, although manufacturers still face dissatisfaction with high interest rates on loans and inadequate foreign exchange access.