The recent increase in interest rates by the Central Bank of Nigeria (CBN) would plunge the private sector even further into deeper loan repayment crises according to the Lagos Chamber of Commerce and Industry (LCCI).

The recent rise could also lead to a reduction in demand as it would weaken the purchasing power of Nigerians and, therefore, lead to a drop in industrial production and, ultimately, a loss of jobs according to LCCI estimates. The business defense body reported that “the Chamber recommended that the CBN style="font-family: "Bookman Old Style”, "serif" "[>] apply a lower import duty exchange rate. at the official rate at a fixed rate for a fixed period of time. This should help businesses plan better and serve as a palliative that benefits a large proportion of the population. Earlier in the year, we called on the government to implement specially targeted support for strategic industries.”