The Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) has appealed to the Central Bank Nigeria (CBN) to intervene in the high interest rate charged by the commercial banks.
The President of ECCIMA, Rev. Ugochukwu Chime, made the appeal on Saturday while speaking with the News Agency of Nigeria (NAN) at the 28th edition of 2017 Enugu International Trade fair.
“May we commend the CBN for its recent score in breathing life into the naira through its intervention to enhance the value.
“However, we are worried how sustainable this could be without buoying up the productive sector, which will give a lot of value to our economic stability.
“A situation whereby businesses could only access bank credit with the interest rate of 25 or 30 per cent is quite worrisome.
“This cannot, in anyway, help in increasing our productive level, GDP and stabilising our economy.
“Therefore, we wish to counsel that the CBN must find a way to intervene, to save indigenous businesses and the industrial sector from imminent cringe,’’ he said.
Chime also said there was need for a policy to ensure continuous flow of low interest rate soft loans to Small and Medium Enterprises (SMEs).
He said the policy became imperative since SMEs were the major employers of labour in the economy.
Chime noted that SMEs had prospect for expansion through creation of jobs, wealth, reduction of poverty and checking rising wave of restiveness among youths in communities.
NAN reports that the Enugu International Trade Fair, supported by the Federal Ministry of Trade and Investment, is organised to showcase Nigeria’s non-oil products.
The exhibition is also providing opportunity for local and foreign businesses to explore and access commercially viable markets in the South-East of the country.
The theme of the fair, which will end on Monday, is: “Promoting Nigeria’s Industrial Sector and SMEs for Inclusive and Robust Economy”. (NAN)
KSN/FLP/DUA