Nigerian Association of Small and Medium Enterprises (NASME) on Thursday said that soaring interest rates of commercial banks were impediments to the growth of entrepreneurs.
Mr Nerus Ekezie, its Director of Public Relations, told the News Agency of Nigeria (NAN) in Lagos that interest rates being charged by banks constituted a “disservice” to local businesses.
He said that the interest rates were on the high side and this had stunted the growth of young businesses.
“It is more disturbing that the banks charges as much as 26 per cent on short-term loans.
“ How can the businessmen make gains and return the borrowed funds?”
Ekezie urged the Central Bank of Nigeria (CBN) to come up with appropriate monetary policies to relieve the commercial banks.
On the issue of infrastructure, he advised the government to be pragmatic in its approach in solving the nation’s epileptic power supply.
The director said that if the nation would experience unprecedented level of development if it could get the power sector working.