The Director-General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has stated that manufacturers and Nigerians will bear the brunt of the 18.5 per cent interest rate set by the Central Bank of Nigeria (CBN).
Ripples Nigeria had reported on Wednesday that CBN Governor, Godwin Emefiele, announced that the Monetary Policy Committee (MPC) increased the Monetary Policy Rate (MPR) or interest rate to 18.5 per cent from 8 per cent to curb inflation.
Ajayi-Kadir, in a statement reported on Friday, said increasing the interest rate will make credit too expensive for manufacturers to borrow, resulting in producers passing the cost on to customers through higher prices for their products.
