Senate President David Mark, yesterday urged the banking sector to review the high interest rates charged on loans in order to create conducive environment for businesses to thrive in the country.
Senator Mark, who said this when he played host to the chairman and members of the Board of the Chartered Institute of Bankers, (CIBN) in Abuja yesterday, argued that the high interest rates and unwillingness of the institution to lend to small scale entrepreneurs was unhealthy for the economy.
“This is not healthy for a developing economy like ours. Even the farmers who should be encouraged through such facilities are worst hit,” he stated.
According to Senator Mark, “We cannot claim to be promoting the economy when small scale entrepreneurs cannot access loan on account of high interest rates or other impossible conditions.
“I cannot rationalize a situation where banks reel out statistics of an improved economy when lives of the ordinary man or petty traders have not improved.
“Such wonderful statistics of improved economy should reflect on the lives and businesses of the people otherwise such figures make no meaning.”
He told the banking sector to create a favourable business environment that would make businesses thrive and ultimately transform the lives of the citizenry.
Senator Mark promised that the National Assembly would give priority attention to the amendment proposed by the Chartered Institute of Bankers needed to correct the grey areas in the operations of the sector.
Source: DailyTrust
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