As the Central Bank of Nigeria (CBN) prepares for its 300th Monetary Policy Committee meeting, the House of Representatives Committee on National Planning and Economic Development has raised alarm over the toll high interest rates are taking on key sect… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader High interest rates hurting SMEs, reps tell CBN By Busola Bamidele on May 19, 2025 As the Central Bank of Nigeria (CBN) prepares for its 300th Monetary Policy Committee meeting, the House of Representatives Committee on National Planning and Economic Development has raised alarm over the toll high interest rates are taking on key sectors. Committee Chairman, Gboyega Isiaka, warned that the policy intended to fight inflation is stifling growth in manufacturing, agriculture, and especially SMEs, which are vital to job creation. He acknowledged that the government's bold reforms have started yielding positive results, including a rebounding capital market, stronger external reserves, and a shift from N1.15 trillion loss in 2023 to a N38.8 billion CBN profit. Read also: High interest rates hurting SMEs, reps tell CBN DBN targets N1.8tr loan portfolio, 2m jobs in 5yr MSME plan Nigeria nears final phase in hosting Africa's first energy bank APPLY NOW: Interior Designer APPLY NOW: Sales Executive However, with the Monetary Policy Rate rising ten times since January 2023 now at 27.5%—Isiaka stressed that structural challenges are undermining its impact. He urged monetary authorities to adopt a more balanced approach that tackles inflation without strangling growth or employment.

SMALL BUSINESS INSIGHTS © 2025. Manage your email settings or unsubscribe. Get the Jetpack app Subscribe, bookmark, and get real‑time notifications - all from one app! Automattic, Inc. 60 29th St. #343, San Francisco, CA 94110