Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir
The Manufacturers Association of Nigeria has called on the Central Bank of Nigeria to reduce the Monetary Policy Rate to below 20 per cent, saying the current 26.5 per cent benchmark has made bank credit too expensive and is stifling manufacturing growth.
The association also urged the CBN to give manufacturers priority in foreign exchange allocation and called for the full implementation of the Federal Government’s Nigeria First Policy by ensuring that Ministries, Departments and Agencies procure at least 80 per cent of their goods from local manufacturers.
According to the Manufacturing CEOs Confidence Index for the second quarter of 2026, obtained by The PUNCH on Thursday, the aggregate MCCI rose to 52.1 points in Q2 2026 from 48.7 points in the first quarter, indicating renewed confidence among manufacturers despite persistent structural challenges.
The Manufacturing CEOs Confidence Index is a quarterly survey of 400 chief executives of MAN member companies across the association’s 14 industrial zones and 10 sectoral groups. It measures business confidence based on current business conditions, employment trends and production expectations in relation to macroeconomic conditions and government policies.
