The Manufacturers Association of Nigeria and the Nigeria Employers’ Consultative Association have said the recent increase of the
Monetary Policy Rate by the Central Bank of Nigeria will compound the imminent recession in the manufacturing sector and negatively impact its operations in many ways.
It also said this would lead to a high cost of production which will lead to higher commodity prices and inventory of unsold manufactured products. “Therefore, the monetary authority needs to pay closer attention to rethink the policy mix, bearing in mind the parlous state of the economy, especially the effect of a high MPR on the manufacturing sector and the economy.
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