Peter Obi, presidential candidate of the Labour Party in the 2023 election, says the current monetary policy is slowing economic growth.
In a post on X on Thursday, Obi said the recent outcry of Aliko Dangote, chairman of Dangote Industries Limited, supportsthe monetary policy rate — on which banks benchmark their interest rate — from 24.75 percent to 26.25 percent.the negative impacts of the policy on micro, small and medium enterprises , which are the engine of economic growth, are significant.
“This has been my consistent position over time. In February this year, I argued against the decision of the Monetary Policy Committee on MPR to 22.5% and CRR to 45% increases which, in my opinion, would further worsen the economic situation, as the increases would push interest rates on loans to above 30%, which would be very difficult for manufacturers and MSMES to borrow and repay.
“To further understand the harsh economic environment that this monetary policy had exacerbated, the recent report from the Manufacturing Association of Nigeria stated “In 2023, 767 companies were shut down and 335 became distressed.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Obi-dient Movement Bigger than Labour Party – Obi-Datti SpokespersonA Trusted Nigerian Newspaper
Read more »
Peter Obi speaks on ’leaving’ Labour Party amidst rumoured rift with party leadershipA Trusted Nigerian Newspaper
Read more »
Peter Obi reaffirms loyalty to Labour Party amid defection speculationPeter Obi has reaffirmed his commitment to the Labour Party (LP) despite rumours of his defection in recent times
Read more »
I’m not leaving Labour Party, says Peter ObiThe Nation Newspaper I’m not leaving Labour Party, says Peter Obi
Read more »
We’ll not let crisis force Peter Obi to join Atiku — Labour PartyThe National Publicity Secretary of the Labour Party, LP, Abayomi Arabambi, had said that the party would not allow Peter Obi to join the Peoples Democratic Party, PDP. Arabambi made this statement in an interview on Channels Television on Friday monitored by DAILY POST.
Read more »
Edo guber: Peter Obi storms Benin to inaugurates Labour Party’s campaignThe 2023 presidential candidate of Labour Party in the general election, Mr Peter Obi, on Saturday defied rain to inaugurate the party's campaign office ahead of the September 21 governorship election in the state in Benin City.
Read more »