The Speaker, House of Representatives Hon. Yakubu Dogara has called on the Central Bank of Nigeria and other relevant authorities to urgently effect a downward review of interest rates in Nigeria as the current figures were stifling businesses, discouraging entrepreneurship and impoverishing the country.
Hon. Dogara stated this on Monday while delivering his keynote address at a public presentation/launch of the book “Banking Reform in Nigeria” authored by Hon. Bode Ayorinde, member representing Owo/Ose Federal Constituency of Ondo State in Abuja.
“I have had cause to say this before, that unless you have assets or equipments, there is no way you can take loan, or access loans from Nigerian banks to do business.
“If you are not careful in taking loans from Nigerian banks, one will just end up in the poverty gap. I don’t think our citizens are supposed to do their businesses with money they already have in their pockets. Businesses elsewhere are executed by loans from the banking industry in those countries.
“I don’t know why the interest rate in Nigeria is so high. What is it that we can do to lower the cost of funds in Nigeria? So that our young men, women and entrepreneurs can risk taking money from our Financial Institutions in order to realize their dreams”.
