The Manufacturers Association of Nigeria (MAN) is asking the government and the Central Bank to review how raising interest rates has affected prices and businesses over the last five years.
Interest rates have been raised many times, making it more expensive for companies to borrow money. This has made it harder for factories to grow, hire more people, and produce goods at lower costs.
MAN’s leader, Segun Ajayi-Kadir, said raising the interest rate to 27.25% makes it difficult for businesses to pay back loans.
Because of this, factories might have to cut back on making new products or even close. Many goods are not being sold because people can’t afford them, and factories are spending a lot on rising costs but selling less.
MAN wants the government and the Central Bank to work together to solve these problems by helping manufacturers import the materials they need at lower costs.
They also want the government to give out loans faster to support businesses. If things don’t improve, it could affect jobs and the country’s economy badly.
THE NATION