Chief Audu Ogbeh, former Minister of Agriculture and Rural Development, has commended the Central Bank of Nigeria for reducing interests’ rates on its funds from nine per cent to five per cent.
Speaking with the News Agency of Nigeria in Abuja on Sunday, Ogbeh said the move would help in the development of the country’s economy and cushion the effect of the dwindling oil price.
He noted that no economy would grow if the people borrowed at an interest rate of between 30 per cent and 35 per cent.
He said: “I have been shouting and preaching that Nigeria’s economy can never grow as long as the interest rates in the country is high.
“I feel personally vindicated because I have been crying over this matter for the last 20 years, that this economy cannot grow when people have to borrow at 30 to 35 per cent.
“I just want to express my personal delight and appreciation to the CBN and Federal Government for the new initiative they have put in place to grow this country’s economy.
“This economy will grow now because it is a big market and if Nigerians, especially young people and women, have access to credits, the world will be amazed at what the country will become in five years.
“I am very proud of what the CBN governor has done.
“I think this is the time for young people, women and all industrialists to wake up from sleep and begin to produce.”
The CBN Governor, Godwin Emefiele, had announced the reduction of interests’ rate on all CBN intervention funds from nine per cent to five per cent and an extension of moratorium from one year to two years to cushion the impact of the dwindling oil price and the COVID-19 pandemic on the country’s economy.
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