The Manufacturers Association of Nigeria (MAN) has called for expanded access to concessionary single-digit financing and a dedicated foreign exchange window for manufacturers. This follows the Central Bank of Nigeria's 350 basis points cut in the Monetary Policy Rate. In a position paper signed by Director-General Segun Ajayi-Kadir, MAN commended the CBN for the easing, noting it will support manufacturers' capacity to finance inventory, raw materials, production cycles, equipment acquisition, and business expansion. However, Ajayi-Kadir said retaining the Cash Reserve Ratio at 45 percent means a substantial proportion of banks' deposits will continue to be held as reserves, constraining lending to productive sectors, and that the benefits of the MPR cut may not be fully realized if credit expansion remains constrained.
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