In a statement issued after the Monetary Policy Committee (MPC) meeting, the Manufacturers Association of Nigeria (MAN) praised the decision to reduce the MPR by 350 basis points to 23.0 percent from 26.50 percent, according to Tribune Online. The association believes that this reduction will create a more supportive environment for manufacturing in Nigeria.
The MPR reduction is a bold and commendable move by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), which we believe will help stimulate economic growth and investment in the manufacturing sector,
read the statement in part. The Manufacturers Association of Nigeria (MAN) has been advocating for a reduction in the MPR to alleviate the high cost of borrowing for manufacturers. This reduction is expected to lower the interest rate charged by banks on loans, making it easier and cheaper for manufacturers to access credit.
The reduced MPR will ease credit flow to the real sector, stimulate economic growth, and create jobs,
stated the association’s President, Engr. Mansur Ahmed. The Central Bank of Nigeria (CBN) has not yet announced when the new MPR will take effect or how it plans to implement the reduction. This reduction in the MPR is a positive step towards supporting the manufacturing sector, which is vital for Nigeria’s economic growth and development.
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