Founder and chief executive, Centre for the Promotion of Private Enterprise , Dr. Muda Yusuf, said, given numerous headwinds that had posed significant risks to the nation’s economy, the hike in MPR by 150 basis points to 13 per cent by the MPC did not come as a surprise.
He explained that the transmission effects of monetary policy on the economy are still very weak, saying in the Nigerian context, price levels are not interest-sensitive. Supply-side issues are much more profound drivers of inflation. “A low interest regime will encourage blue-chip corporates to undertake further investments, thereby stimulating aggregate demand and economic growth,” said Adeleke.
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