As the Central Bank of Nigeria (CBN) prepares to hold its 300th monetary policy committee (MPC) meeting this week, the House of Representatives Committee on National Planning and Economic Development has warned against the unintended consequences of high interest rates aimed at curbing inflation in the country.
Chairman of the committee, Gboyega Isiaka, who gave the warning during a meeting with the Statistician General of the federation and chief executive officer of the National Bureau of Statistics (NBS), Adeyemi Adeniran, in Abuja, said that high interest rate has negatively impacted the manufacturing, agriculture, and small and medium enterprise (SME) sectors.
Isiaka noted that the policy had delivered significant gains, with the economy showing signs of stabilisation and a gradual return of investor confidence.
The lawmaker, however, noted that the high interest rate has negatively affected the manufacturing, agriculture, and small and medium enterprise (SME) sectors – key drivers of employment in the country.
