RismadarVoice Reporters
September 23, 2026
The Manufacturers Association of Nigeria (MAN) has welcomed the Central Bank of Nigeria’s decision to reduce the Monetary Policy Rate (MPR) by 350 basis points to 23 per cent, describing the move as a step that could ease financial pressure on businesses.
In its position on the outcome of the September 2026 Monetary Policy Committee meeting, MAN Director-General, Segun Kadir, said the reduction represented a shift away from the tight monetary policy stance that had affected manufacturing activities.
Kadir said the association expected the lower policy rate to reduce borrowing costs and improve manufacturers’ access to working capital, inventory financing and funds for investment.
“The association expects the lower policy rate to reduce borrowing costs and improve access to working capital, inventory financing and investment funds,” he said.
However, MAN cautioned that the impact of the rate cut could be limited by the continued 45 per cent Cash Reserve Ratio (CRR) requirement for Deposit Money Banks.
The association called for a gradual review of the CRR to enable banks to release more funds for lending to the real sector, while maintaining financial system stability.
MAN also urged stronger coordination between monetary and fiscal authorities to ensure that the benefits of the policy adjustment translate into improved financing conditions for manufacturers.
The association further called for single-digit concessionary financing for manufacturers and measures to encourage commercial banks to reflect the reduction in the policy rate in their lending rates.
