Private Sector Slams 27.5% Interest Rate, Says Credit Now Among World’s Costliest

The Manufacturers Association of Nigeria (MAN), LCCI, and NECA have expressed frustration over the Central Bank of Nigeria’s (CBN) decision to retain the Monetary Policy Rate at 27.5%. They warn that borrowing costs—now among the highest globally—are choking industrial growth and risking massive layoffs and closures in the manufacturing sector.