MAN Welcomes CBN's MPR Cut, Hails 'Nigeria First' Policy
The Manufacturers Association of Nigeria (MAN) has welcomed the recent cut in the Monetary Policy Rate (MPR) by the Central Bank of Nigeria's (CBN) Monetary Policy Committee (MPC). The 50 basis points reduction, from 27.5% to 27%, has sparked optimism among manufacturers, with MAN President, Otunba Francis Meshioye, hailing the 'Nigeria First' policy as a turning point for industrialization.
The CBN's MPC announced the reduction in September 2025, citing a sustained decline in inflation. This move is expected to support economic recovery and boost the struggling manufacturing sector. MAN has called for a special window allowing manufacturers to borrow at rates lower than the MPR, currently at 27%. MAN's Director-General, Segun Ajayi-Kadir, anticipates further reductions, ideally below 5%.
Manufacturers have endured five years of elevated borrowing costs due to the MPC's aggressive tightening stance. MAN believes the recent cut could pave the way for deeper reductions, providing much-needed relief to the sector. The success of the 'Nigeria First' policy, which aims to strengthen the local value chain, depends on inclusive implementation and addressing infrastructure, regulation, and financing gaps.
This year's MAN Annual General Meeting will focus on driving sustainable industrial growth and employment generation through support for local manufacturers. Aliko Dangote, the renowned entrepreneur, will deliver the keynote address. The recent MPR cut offers hope for a more favorable lending environment, which could significantly impact the manufacturing sector's prospects.
