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MAN Criticizes CBN’s Monetary Policy, Calls For Real Sector Focus
MAN Criticizes CBN’s Monetary Policy, Calls For Real Sector Focus....KINDLY READ THE FULL STORY HERE▶
The Manufacturers Association of Nigeria (MAN) has raised concerns over the Central Bank of Nigeria’s (CBN) monetary policy decisions, accusing the apex bank of favoring the financial sector at the expense of the real sector. MAN’s Director General, Segun Ajayi-Kadir, highlighted the implications of the recent hike in the Monetary Policy Rate (MPR) by the CBN, emphasizing its detrimental effects on the manufacturing sector……CONTINUE READING
The decision to increase the MPR by 150 basis points to 26.25 percent, coupled with other monetary tightening measures, is expected to heighten production costs, limit access to funds, and hamper investment and competitiveness within the manufacturing industry. Ajayi-Kadir criticized the CBN’s approach, stating that it exacerbates existing challenges faced by manufacturers and undermines efforts to stimulate growth and innovation in the sector.
He pointed out that the persistently high lending rates, exceeding 30 percent, would further inflate borrowing costs and erode the competitiveness of Nigerian products in the global market. MAN called for a more balanced approach from the MPC, urging collaboration with fiscal authorities to address the root causes of inflation and enhance the sector’s contribution to economic development.
While acknowledging the CBN’s efforts to tackle economic challenges, Ajayi-Kadir emphasized the need for alternative measures to support the real sector and promote sustainable growth. MAN advocated for targeted interventions and closer coordination between monetary and fiscal policies to alleviate financial burdens on manufacturers and drive economic resilience.
In light of the ongoing economic uncertainties, MAN stressed the importance of achieving equilibrium between macroeconomic stability and the development of the manufacturing industry, emphasizing the pivotal role of collaboration and strategic interventions in shaping Nigeria’s economic trajectory.
Former Inspector-General of Police, Mohammed Abubakar Adamu, has declared that he remains in the All Progressives Congress (APC) and has no plans to defect from the party.....KINDLY READ THE FULL STORY HERE▶
The Christian Association of Nigeria (CAN) has denied reports claiming that the Sultan of Sokoto, Muhammadu Sa’ad Abubakar, was invited to participate in the foundation-laying ceremony of an ecumenical chapel at the Nnamdi Azikiwe International Airport, Abuja.....KINDLY READ THE FULL STORY HERE▶
The association, through its media office in Abuja, clarified that it did not issue any invitation to the Sultan, stressing that the information being circulated did not originate from CAN and should not be associated with the body.
CAN explained that the document causing the confusion was issued by the Office of the Secretary to the Government of the Federation (SGF), adding that it never approved or circulated any communication involving the Sultan in the chapel project.
It said the clarification became necessary to correct the public impression and prevent misinformation linking it to the claim.
The association also expressed concern that the report could fuel religious tension, warning against spreading unverified information that may cause division.
Reaffirming its commitment to peace and religious harmony, CAN urged Nigerians, including media practitioners, to verify information before sharing it and to avoid content capable of stirring unnecessary controversy.
A renewed call has been made for traditional rulers from the Sankera axis of Benue State to return to their communities after years of displacement linked to insecurity.....KINDLY READ THE FULL STORY HERE▶
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