The Manufacturers association of Nigeria, MAN says the increase in MPR from 18% to 18.5% will certainly lead to an increase in lending rates and worsen the uncompetitiveness of the manufacturing sector.
President of M.A.N., Segun Ajayi Kadir said this in a statement on the implications of the Decision of the Monetary Policy Committee of the C.B.N. on the Manufacturing Sector.
Ajayi- Kadir says it is important that priority attention should be given to improving the size of the available special funding windows and making them accessible to the industries at liberal conditionality.
The M.A.N. D.G. also urges the Ministry of Finance, Budget and National Planning and the Central Bank of Nigeria to collaborate to develop an implementable, non-contradictory and well-synthesized monetary and fiscal policy that support domestic manufacturing and the productive sector in general.
Ajayi-Kadir says immediate and concrete action should be taken to address the manufacturers’ forex needs in order to support and sustain production.
