Businessman urges Nigerian govt to lower interest rates

A Kano-based businessman, Chief Kalu Ogbonnaya, has called on the federal government to take steps to cut interest rates on loans charged, to boost the nation’s investment climate.

Ogbonnaya made the call in Kano on Tuesday, in an interview with the Nigerian News Agency.
He said the high loan rate was discouraging many entrepreneurs and potential investors from approaching banks for loans to boost their businesses.

While acknowledging the federal government’s efforts in the area of ​​ease of doing business, he said a lower loan interest rate would encourage more entrepreneurs to approach banks for loans.
A single-digit interest rate instead of the current double-digit rate, he said, would have a multiplier effect on the economy.

“Tax windows can also help. Some entrepreneurs do not want to take loans due to high-interest rates. The Federal Government can facilitate the second investment look at lending rates,” he said.

On the security challenges in the country, Ogbonnaya urged the federal and state governments to develop the political will to tackle the problem.

“Governments can stop this if they want. They lacked political will. With political will, it is possible to have peace in Nigeria,” she said.
In the quest for the Igbo presidency, Ogbonnaya said that if the Peoples’ Democratic Party (PDP) split its ticket in the southeast, Peter Obi would be a perfect choice.

However, if the All Progressives Congress (APC) were to split its Vice Presidency in the region, Orji Uzor Kalu would be the best choice due to his political experience and national acceptability.

He called on Nigerians, regardless of where they reside, to come out en masse and elect their leaders in 2023.

“Gone are the days of people fleeing elections. Where you are must be where your home is. Go out and vote; your vote should count,” she said.

He praised the Kano state government for creating a safe environment for all ethnic groups in the state to live in harmony, saying the Kano model should be emulated. (NAN)