The Manufacturers Association of Nigeria (MAN) has called for the creation of a Manufacturing Refinancing and Rediscounting Facility (MRRF), among other sweeping financial and policy interventions, aimed at reviving the country’s manufacturing base in 2026.
In a report on 2026 manufacturing outlook, Director General of MAN, Segun Ajayi-Kadir, said the proposed facility would enable commercial banks to refinance manufacturing loans at single-digit interest rates with tenors of up to seven years, thus relieving manufacturers of the pressure of high borrowing costs.
MAN is optimistic that the manufacturing sector could rebound in the new year if key macroeconomic conditions improve and government policies are deliberately and effectively implemented. Ajayi-Kadir enumerated key actionable recommendations to ensure a more robust manufacturing sector in 2026.
These, he noted, include: “Further reduce the benchmark interest rate by at least 200–300 basis points over the next two quarters to make credit affordable for manufacturers.
“Launch a Manufacturing Refinancing and Rediscounting Facility (MRRF) that allows banks to refinance approved manufacturing loans at single-digit rates for up to 7 years.”
