By Gilbert Ekugbe
“We will continue to criticise the Central Bank of Nigeria (CBN)’s decision to retain Monetary Policy Rate ( MPR) at 14 percent as no country can grow its industrial sector with that kind of interest rate.”
Frank Jacobs, President, Manufacturers Association of Nigeria (MAN) told journalists in Lagos during a Media Luncheon organised by MAN.
Jacobs also said that the Association sustains its advocacy against the signing of the Economic Partnership Agreement (EPA) by the government of Nigeria.
“We should kiss our local industries goodbye if we enter into this agreement. We will continue to say that Nigeria will be a disadvantage if this happens. We cannot compete with foreign goods because of the harsh business environment for manufacturing,” he said.
On how the sector fared in the outgone year, he said that the nation’s manufacturing sector in 2017 improved against performances in 2016 contributing 9 percent to the Gross Domestic Product (GDP).