The last concluded 296th meeting of the monetary policy committee (MPC), on Tuesday, the CBN increased the monetary policy rate (MPR) to 26.75% from the initial 26.25%.
The new interest rate is a pain on manufacturers in Nigeria with the high rate of inflation, the CBN, Central Bank of Nigeria, keeps increasing the interest rate, said The DG of MAN.
The Director General of MAN, Manufacturers Association of Nigeria, Segun Ajayi-Kadir, noted that the manufacturing sector are the boosters of the economy in a country, but also highlighted that the increase in MPR will only minimize or reduce their growth and sustainability.
