- NACCIMA Seeks Single-digit Interest Rate
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture has expressed concerns over the high interest rates in the country, which have remained in double digits.
According to the association, this is a major source of concern to the private sector.
The National President, NACCIMA, Chief Alaba Lawson, gave the indication during a courtesy visit to the Punch Place, headquarters of Punch Nigeria Limited, in Ogun State on Wednesday.
“Interest rates are still in double digits and this remains a major source of concern to the private sector,” she said.
While reviewing the current state of the economy, Lawson acknowledged that the country was gradually recovering from recession as the negative Gross Domestic Product growth rate had been slowly reducing.
Citing the growth figures from the third quarter of 2016 to the first quarter of 2017, she observed that the negative growth rate had declined from -2.34 per cent to -0.52 per cent.
She noted that the inflation rate had declined by 0.99 percentage points between April 2017 and May 2017.
“This is the fourth consecutive decline in the rate of inflation since January 2017, a good indication of a positive change that we hope will be sustained,” Lawson stated.
The association urged the Federal Government to introduce more investment-friendly policies to reduce the cost of funds and bring about a single-digit interest rate.
“This will enable the private sector to produce and compete better in local as well as global markets, thereby improving the economy of the country,” Lawson added.
