Manufacturers Dey Lament High Cost Of Lending

Manufacturers Association of Nigeria (MAN) don lament say borrowing cost wey dey between 30 to 37 per cent don too high for manufacturers, dey block production and reduce competitiveness. MAN DG, Segun Ajayi-Kadir, react to CBN decision to maintain monetary policy rate (MPR) at 27%, talk say di rate no favour manufacturers as cost of credit still dey one of di biggest wahala wey dey limit dem. He add say reduction in rate fit make borrowing cheaper, encourage expansion and investment, and make manufacturers access funds easier.

Ajayi-Kadir also talk say high lending rates go reduce access to affordable credit, especially for SMI manufacturers, and dey worsened by structural problems like poor infrastructure, high logistics costs, erratic electricity, high energy costs, and insecurity wey dey push production costs high and weaken competitiveness. He urge policymakers to create inclusive growth policies, encourage manufacturing, fix binding constraints, and CBN to strengthen partnership with fiscal authorities to unlock full potential of di manufacturing sector.