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NIGERIA COAT OF ARM

Businessman wants FG to cut lending rates

Illustration for lending rates

Illustration for lending rates

By Uche Anunne

A Kano-based businessman, Chief Kalu Ogbonnaya, has called on the Federal Government to take steps to reduce the lending interest rates charged by banks, to boost the nation’s investment climate.

Ogbonnaya made the call in Kano on Tuesday, in an interview with the News Agency of Nigeria (NAN).

He said the high lending rate was discouraging many businessmen  and potential investors from approaching banks for loans to boost their enterprises.

While acknowledging the Federal Government`s efforts in the area of ease of doing business, he said a lower lending interest rate would encourage more entrepreneurs to approach the banks for loans.

A single digit interest rate rather than the present double digit rate, he said, would have a multiplier effect on the economy.

“Tax windows can also help. Some businessmen don’t want to take loans because of high interest rates. The Federal Government can facilitate investment by taking a second look at the lending rates”, he said.

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

“Governments can stop this if they want to. They lacked the political will. With the political will, it is possible to have peace in Nigeria,“ he said.

On the quest for Igbo presidency, Ogbonnaya said, if the Peoples Democratic Party (PDP) zoned its ticket to the Southeast, Mr Peter Obi would be a perfect choice.

However, he said, if the All Progressives Congress (APC) zoned its Vice Presidency to the region, Orji Uzor Kalu would be the best choice because of his political experience and national acceptability.

He called on Nigerians irrespective of their place of residence to come out en mass and elect their leaders in 2023.

“Gone are the days when people ran away from elections. Where you are should be where your home is. Go out there and vote; your vote should count”, he said.

He commended the Kano state government for creating a safe environment for all ethnic groups in the state to live harmoniously, saying that the Kano model should be emulated by every state. (NAN) (www.nannews.ng)