The Manufacturers Association of Nigeria (MAN) has criticised the Central Bank of Nigeria’s decision to keep the Monetary Policy Rate at 27 percent, describing the move as unfavourable to an already struggling industrial sector.
In a statement issued on Wednesday, the Association said factories nationwide are being weighed down by lending rates that now range between 30 and 37 percent. MAN noted that these borrowing costs have become the single largest barrier to production, expansion, and competitiveness.
According to the statement, manufacturers acknowledge the importance of exchange rate stability and improved access to foreign exchange, especially as many industries rely heavily on imported raw materials and machinery. However, the group warned that monetary policy must also address the realities on the ground.
MAN argued that without a deliberate reduction in the cost of funds, companies will remain unable to borrow for growth or long-term investment. The Association said the sector needs an environment where credit is accessible and affordable, stressing that current lending conditions continue to shrink output and threaten the survival of many firms.
The group called for a more balanced approach that protects price stability while still supporting industrial productivity, job creation, and the broader goal of economic recovery.
