Financial Expert Seeks Bench Mark On Interest Rate

A financial  expert has
sought for the regulation and approval of single digit interest rate for the country especially in the area of manufacturing sector.
Speaking to newsmen in Lagos on Monday, a professor of finance, University of Lagos, Prof. Esther Adegbite, said the single digit interest rate has become imperative in order to enable the manufacturing sector increase the capacity of the sector and boost production.
Adegbite said there was need for government to put deliberate policy that will bring interest rate to single digit level to drive the real sector growth and development in line with global trend.
She said the current interest rate is business unfriendly to the manufacturing sector and the present administration to review the rate in the best interest of the manufacturing sector.
The pofessor of finance explained that the Central Bank of Nigeria (CBN) should make effort towards reducing the MPR to a single digit, so as to have a reduced lending rate, stressing that the nation’s apex bank should initiate policies that would create the enabling environment for investors to look inward for investment opportunities in the country.
She emphasised that there was the need for the Federal and State governments to pursue macro-economic policies, including fiscal prudence supported by good monetary policy to contain inflation at single digit.
Adegbite said the essence of bench marking of interest rate for the manufacturing sector would promote rapid economic growth, boost production and create job opportunities for the unemployed in the sector.