High Interest Rate Slows Down Businesses – NASME

Nigerian Association of Small and Medium Enterprises (NASME), has said that soaring interest rates of commercial banks were impediments to the growth of entrepreneurs.

Director of Public Relation, of NASME Mr Nerus Ekezie, told journalists that interest rates being charged by banks constituted a “disservice” to local businesses.

He said that the interest rates were on the high side and this had stunted the growth of young businesses.

“It is more disturbing that the banks charges as much as 26 per cent on short-term loans.

” How can the businessmen make gains and return the borrowed funds?”

Ekezie urged the Central Bank of Nigeria (CBN) to come up with appropriate monetary policies to relieve the commercial banks.

On the issue of infrastructure, he advised the government to be pragmatic in its approach in solving the nation’s epileptic power supply.

The director said that if the nation would experience unprecedented level of development it should get the power sector working.