Nigerian Manufacturers Decry High Lending Rates Despite CBN's Monetary Policy Rate Maintenance
The Manufacturers Association of Nigeria criticizes the high lending rates of 30-37%, stating it hampers production and erodes competitiveness in the sector. Despite the Central Bank of Nigeria keeping the Monetary Policy Rate at 27%, manufacturers face challenges due to the high cost of borrowing.
The association commends the CBN for its efforts to stabilize the exchange rate and improve forex liquidity. Manufacturers call for a reduction in lending rates to unlock the sector's potential and capitalize on recent macroeconomic gains.
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