Expert Seeks More Credit Facilities For Nigerians

A financial expert, Mr Sewa Wusu, last week said creating more access to credit facilities for Nigerians would boost Nigeria’s real sector development in 2013.

Wusu, Head of Markets at Sterling Capital, said the Bankers’ Committee’s new drive to increase access to credit was highly commendable.

Wusu said in Lagos that more funds were needed to transform real sector.

The Bankers’ Committee had promised to introduce a consumer credit scheme to enable bank customers to get credit facilities to finance purchase of household goods.

The committee, which met last week in Abuja, also said it would introduce welfare packages as obtained in developed countries.

The schemes are billed to commence between June and July.

He said that Nigerian banks were also attending to calls to reduce the high lending rates particularly to the manufacturing sector.

He said that the current high lending rates were not good to make profitable businesses in the country.

Wusu said that Nigerians were also being deprived of loans due to the tight monetary policy stance of the apex bank.