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Independentng.com homepage - Home of Independent Newspapers Nigeria LimitedIndustrialist canvasses low bank interest rate

Last Updated: Wednesday, December 1st, 2004 HOME | Previous Page

Industrialist canvasses low bank interest rate

 

By Uche Nwosu

Special Correspondent, Umuahia

 

An industrialist based in Aba, Abia State, Chief Okebulu Jombo, has called on the Federal Government to reduce interest rates charged by banks as part of its reform policy.

He said government’s efforts in attracting foreign investments would receive a boost if government addressed the high interest rates charged by bank.

Speaking with journalists in Aba on Monday, Jombo said, “Government should reduce the current interest rates. Nigeria has the highest interest rates in the world today and industrialists need bank assistance to do whatever they want to do.

“If the interest rate is low, a lot of investors would see Nigeria a viable place to establish their industries.”

He said all over the world where banks are made to merge for effectiveness, efficiency and growth, bank rates are forced down as part of strategy to improve the economy.

Jumbo called on government to reorganised its security system so as to provide adequate security for potential investors, saying security is very important because Nigeria is not stable.

“If this country could do more in terms of security, foreigners will come en masse. After all they are looking for a favourable climate to invest”, he said.

He said the Jumbo Group of Companies would soon establish a fish firm with foreign participation in Nigeria, adding that when established it would not only offer jobs to Nigerians but would serve as a big foreign exchange earner.


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