{"id":88671,"date":"2023-05-26T11:26:47","date_gmt":"2023-05-26T10:26:47","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent"},"modified":"2023-05-26T13:44:16","modified_gmt":"2023-05-26T12:44:16","slug":"manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent","title":{"rendered":"Manufacturers knock CBN over interest rate hike to 18.5 per cent"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The Manufacturers Association of Nigeria has knocked the Central Bank of Nigeria\u2019s decision to increase the Monetary Policy Rate, also known as the interest rate, to 18.5 per cent amid rising inflation.<\/p>\n

Segun Ajaji Kadir, the Director General of MAN disclosed this on Thursday in a statement.<\/p>\n

MAN\u2019s reaction comes against the backdrop of the continued increase of MPR by CBN\u2019s Monetary Policy Committee because it would curtail the country\u2019s rising inflation which stood at 22.22 per cent in April.<\/p>\n

The Director of MAN stated that the CBN must think outside the box to solve the country\u2019s rising inflation.<\/p>\n

Kadir noted that CBN\u2019s approach to curbing rising inflation through interest rate rise resulted in more woes in the nation\u2019s economy.<\/p>\n

According to him, the increase in borrowing costs would further discourage investment in the sector.<\/p>\n

He explained that the increase in interest would instead lead to high production costs, leading to higher commodity prices and inventory of unsold manufactured products.<\/p>\n

\u201cThe increase will compound the imminent recession in the manufacturing sector and negatively impact its operations in so many ways.<\/p>\n

\u201cIncrease in the cost of borrowing will further discourage investments in the sector; high cost of production will lead to higher commodity prices and inventory of unsold manufactured products.<\/p>\n

\u201cTherefore, the government must think outside the conventional monetary policy framework and take pragmatic steps to quell the inflationary pressure and reposition the economy\u201d, he stated.<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The Manufacturers Association of Nigeria has knocked the Central Bank of Nigeria\u2019s decision to increase the Monetary Policy Rate, also known as the interest rate, to 18.5 per cent amid rising inflation. Segun Ajaji Kadir, the Director General of MAN disclosed this on Thursday in a statement. MAN\u2019s reaction comes against the […]<\/p>\n","protected":false},"author":84,"featured_media":88669,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[1570,2140,503,254],"class_list":["post-88671","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-nigeria-2","tag-cbn","tag-nigeria"],"yoast_head":"\nManufacturers knock CBN over interest rate hike to 18.5 per cent - Nigeria<\/title>\n<meta name=\"description\" content=\"The Manufacturers Association of Nigeria has knocked the Central Bank of Nigeria\u2019s decision to increase the Monetary Pol ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Manufacturers knock CBN over interest rate hike to 18.5 per cent\" \/>\n<meta property=\"og:description\" content=\"The Manufacturers Association of Nigeria has knocked the Central Bank of Nigeria\u2019s decision to increase the Monetary Pol ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-26T10:26:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-26T12:44:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/05\/sm_1685088680.19894.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Manufacturers knock CBN over interest rate hike to 18.5 per cent\",\"datePublished\":\"2023-05-26T10:26:47+00:00\",\"dateModified\":\"2023-05-26T12:44:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent\"},\"wordCount\":262,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/05\/sm_1685088680.19894.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"CBN\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent\",\"name\":\"Manufacturers knock CBN over interest rate hike to 18.5 per cent - Nigeria\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/05\/sm_1685088680.19894.jpg\",\"datePublished\":\"2023-05-26T10:26:47+00:00\",\"dateModified\":\"2023-05-26T12:44:16+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"The Manufacturers Association of Nigeria has knocked the Central Bank of Nigeria\u2019s decision to increase the Monetary Pol ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/05\/sm_1685088680.19894.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/05\/sm_1685088680.19894.jpg\",\"width\":1200,\"height\":675,\"caption\":\"Manufacturers knock CBN over interest rate hike to 18.5 per cent\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/nigeria\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Manufacturers knock CBN over interest rate hike to 18.5 per cent\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#website\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/\",\"name\":\"Africa Press | Nigeria | Homepage\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/nigeria\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/author\/cfeditoren\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Manufacturers knock CBN over interest rate hike to 18.5 per cent - Nigeria","description":"The Manufacturers Association of Nigeria has knocked the Central Bank of Nigeria\u2019s decision to increase the Monetary Pol ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent","og_locale":"en_US","og_type":"article","og_title":"Manufacturers knock CBN over interest rate hike to 18.5 per cent","og_description":"The Manufacturers Association of Nigeria has knocked the Central Bank of Nigeria\u2019s decision to increase the Monetary Pol ...","og_url":"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent","og_site_name":"Nigeria","article_published_time":"2023-05-26T10:26:47+00:00","article_modified_time":"2023-05-26T12:44:16+00:00","og_image":[{"width":1200,"height":675,"url":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/05\/sm_1685088680.19894.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Manufacturers knock CBN over interest rate hike to 18.5 per cent","datePublished":"2023-05-26T10:26:47+00:00","dateModified":"2023-05-26T12:44:16+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent"},"wordCount":262,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/05\/sm_1685088680.19894.jpg","keywords":["Africa Press","Africa Press-Nigeria","CBN","Nigeria"],"articleSection":["all news","Economy"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent","url":"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent","name":"Manufacturers knock CBN over interest rate hike to 18.5 per cent - Nigeria","isPartOf":{"@id":"https:\/\/www.africa-press.net\/nigeria\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/05\/sm_1685088680.19894.jpg","datePublished":"2023-05-26T10:26:47+00:00","dateModified":"2023-05-26T12:44:16+00:00","author":{"@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"The Manufacturers Association of Nigeria has knocked the Central Bank of Nigeria\u2019s decision to increase the Monetary Pol ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent#primaryimage","url":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/05\/sm_1685088680.19894.jpg","contentUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/05\/sm_1685088680.19894.jpg","width":1200,"height":675,"caption":"Manufacturers knock CBN over interest rate hike to 18.5 per cent"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/manufacturers-knock-cbn-over-interest-rate-hike-to-18-5-per-cent#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/nigeria\/"},{"@type":"ListItem","position":2,"name":"Manufacturers knock CBN over interest rate hike to 18.5 per cent"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/nigeria\/#website","url":"https:\/\/www.africa-press.net\/nigeria\/","name":"Africa Press | Nigeria | Homepage","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/nigeria\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","url":"https:\/\/www.africa-press.net\/nigeria\/author\/cfeditoren"}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts\/88671","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/comments?post=88671"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts\/88671\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/media\/88669"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/media?parent=88671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/categories?post=88671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/tags?post=88671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}