Stakeholders in the real sector of the Nigerian economy have called on the Federal Government to bring down the interest rate to drive the nation’s quest for industrialisation.
According to them, the sector has the ability to transform the fortunes of the nation’s economy if given the necessary support like a single digit interest rate.
The Managing Director, IO Furniture, Mrs. Munira Shonibare, while speaking during an oversight function by the senate committee on industry, to some of the industrial firms supported by the Bank of Industry, said the present administration must implement policies that would protect local industries from unfair competition, while also signing into law, a policy to boost the patronage of made-in-Nigeria goods.
She said, “We also need patronage because it is one thing to set up industries and another to get our own people to patronise us. Government is really doing so much to support local production but there is still a lot to be done because what sustains the economy is driving local industries. We have to grow and sustain our economy with our own
people.
“I want to thank BOI, because if it was not for its intervention, I do not think we would exit recession. The interest rate from the Central Bank of Nigeria is not sustainable, but with the intervention funds from BOI, we got a seven per cent interest rate and so far, we are almost through with repayment because it is single digit. There is the need for a proper training programme to bridge the skill gaps that currently exists in the
industry.”
The Managing Director, Ruff n Tumble, Ms. Adenike Ogunlesi, urged commercial banks to change their lending model to support industries and businesses in the country, calling on the BOI to put in place technical assistance programme to industries to become more effective and competitive.
She said, “The nation’s industries have huge potential to turn around the economy; there is the need to bring down interest rates from 10 percent to four percent, because our equipment are not cheap and a lot of the things needed to carry out our operations, are still not locally made. The banks also have to change their lending model, to support industries and businesses in the country.”
