BREAKING: NACCIMA Expresses Concern Over Interest Rate Hike To 27.25%, Lists Impacts On Businesses, Inflation

The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agri­culture (NACCIMA), has expressed concerns over de­cision by the Central Bank of Nigeria (CBN) to increase the monetary policy rate to 27.25 percent......See Full Story>>.....See Full Story>>

Dele Kelvin Oye, the National President of NA­CCIMA, said the decision burdens businesses with higher loan costs, exacer­bating their struggles and failing to curb inflation or stabilize the naira.

“As President of NACCI­MA, I express concern over the CBN’s recent monetary policy rate hike to 27.25%. This decision burdens businesses with higher loan costs, exacerbating their struggles and failing to curb inflation or stabilise the naira.

“We urge the CBN to en­gage with stakeholders for a collaborative approach, considering alternatives like targeted sector sup­port, deficit reduction, and promoting local production.

“A reassessment of strat­egies is essential to ensure effective economic man­agement and sustainable growth in Nigeria. Dialogue and innovative solutions are crucial for repositioning our economy.”

He further noted, “The increase is 50bps. It is not a material change. The nar­rative is actually the trend upwards.

“This is a confirmation that the previous high in­terest rate has not worked.”