ACF expresses concern over high-interest rates charged by commercial banks
The Arewa Consultative Forum (ACF), has expressed concerns over the high-interest rates charged by commercial banks.
The charges will kill the economy, declaring no business can survive with 27 to 30 per cent interest rate.
ACF Chairman and former Minister of Agriculture, Chief Audu Ogbe, who raised the concern in a statement on Saturday, also lamented youth have resorted to kidnapping for economic survival.
He noted though the Central Bank of Nigeria (CBN) has made efforts to reduce the interest rates, commercial banks still charge exorbitant rates
According to ACF: “We are however worried that no mention was made of the problem of interest rate was made. For nearly three decades, we have endured the most outrageous interest rates that any developing country can endure.
“How can we continue to pay lip service to the vital issue of the growth of SME’s Small and Medium Scale Enterprises, the prosperity of the younger generation if we make it impossible for them to access credit?
“We appreciate the efforts of the Central Bank of Nigeria CBN, but we regret to say those efforts will not solve the problem when Commercial Banks are still charging 27-30%. What kind of business will anybody do with such interest rates?
“We also want to commend the government on the new onslaught on bandit and criminals nationwide.
“We wish to caution that unless and until we hurriedly establish a mechanism to deal with the current national tragedy where our children have resolved that the fastest way to their personal economic recovery is kidnapping.
“We think that the Nigerian economy cannot experience real growth if access to reasonable credit remains forever blocked.”