The Manufacturers Association of Nigeria (MAN) Ogun State Chapter, on Thursday expressed disappointment over the Monetary Policy Committee (MPR) decision to retain all the monetary policy rates.
The Chairman, Mr. Wale Adegbite, who expressed his view in an interview with the News Agency of Nigeria (NAN) in Ota, Ogun, said MPC could have reduced the policy rates so as to jump-start the economy after the long seizure for close to two years.
“We hope that the rate would have started coming down now because we need a lower interest rate so as to increase activities in the manufacturing sector, “the chairman said.
Adegbite said that with lower interest rate, the manufacturer would be able to produce at the optimal level as well as adding value to the nation’s Gross Domestic Product (GDP).
NAN reports that MPC had on Wednesday, concluded its two-day meeting and retained all the monetary policy rates.
The benchmark interest rate is at 14 per cent with the asymmetric corridor between 200bps and 500bps around.
The Cash Reserve Ratio (CRR) is at 22.5 per cent and the Liquidity Ratio at 30 per cent.