The Manufacturers Association of Nigeria (MAN) has issued a strong warning about the negative implications of the recent increase in the Monetary Policy Rate (MPR) to 27.25 percent.
In a statement released on Thursday, Segun Ajayi-Kadir, the Director General of MAN, expressed concerns about the far-reaching impact of this decision on the manufacturing sector.
Ajayi-Kadir highlighted that the continued rise in interest rates, which now totals 15.75 percentage points since May 2022, would exacerbate the challenges faced by manufacturers. The sector is already grappling with rising production costs, declining consumer purchasing power, and a challenging operating environment.
