Clamour for single digit interest rate begins

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By Sabinus Onyenwe, Owerri

N Nig For single digit interest loans in Nigeria has started. This was launched by Iyalode Alaba Lawson, president of the Federation of West African Chambers of Commerce and Industry (FEWACCI) and the outgoing president of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), the ‘Voice of Nigerian Business’ as well as the foremost leader of Nigeria’s organized private sector (OPS).

She said deposit money banks and other financial institutions engaged in lending money to manufacturers and entrepreneurs in the country should do so at one digit interest rate.

She said in Owerri: “Well, banks have not been helping the industrial sector of this country to attend the real growth, manufacturers and entrepreneurs are not finding it easy with the banks, businessmen and women can’t grow their businesses the way the want because  the banks have failed the industrial sector.

“And for businesses to thrive we need one digit interest rate from banks, loan should be given at one digit interest rate to entrepreneurs to grow their businesses.”

She went on, “Banks have not been helping at all because the interest rate is too high and when the interest rate is too high you cannot get the best from you business. If you are charged 23-25 percent digit interest rate you cannot grow, and it cannot help you. The only interest rate that can help the industrial sector is only a single rate and the duration of payment must be a long term one”.

Alaba Lawson spoke in an interview with our correspondent in Owerri, during the official inauguration/Center for International Private Enterprise (CIPE), Financial Literacy workshops of NAWORG, held in Owerri Imo state, recently.

According to her, the slow growth recorded in the industrial sector is partly attributed to the inability of the financial institutions’ failure, especially, the deposit money banks to lend to entrepreneurs at a single digit interest rate, and she urged the banks to see the reasons where they should start to lend at one single digit interest rate.

NACCIMA president, whose tenure may probably elapse in the month of May, said that she never had serious challenges as the president, because she came to the office with a focus and has been performing her duties with a focused attention. “All you need to do is to work according to your plan, focus and then your vision, then everything works well, and I have a good legacy for our organization, to be the strongest voice of the

organized private sector (OPS) in Nigeria”.

She disclosed that the results of her almost two years in office have been outstanding as “NACCIMA is now widely recognized both locally and internationally as the voice of Nigerian business. Again, it has regained its enviable position as the foremost leader of Nigeria’s organized private sector (OPS)”.

Since her tenure, NACCIMA has continued to improve on its advocacy activities, and has signed so many local and international partnership agreements. It has also participated in many local and international events which have contributed to the growth of the Nigerian economy.

In her administration, NACCIMA has participated in the United Nations General Assembly Mining Road Show held in Melbourne and Perth Australia, Africa Down Under in Perth and in the Nigeria Mining Week of 2018.

NACCIMA launched its NACCIMA Debit Identification Card which was done in collaboration with Unity Bank and First Bank and NACCIMA is also under going successful certification through the Centre for International Private EnterpriSE (CIPE), etc.

Iyalode disclosed that she has inaugurated the NACCIMA Youth Entrepreneur scheme. She said; “We have been able to link them with government agencies, individuals that can give them capacity buildings and turning them into entrepreneurship. They are joined with Tony Elumelu Group and all those are the areas where they use their talents to turn them into entrepreneurs”.