Nigerian Chamber of Commerce lobbies for lower interest rates from 13% to single digits

Lagos — The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has made an appeal to the incoming government of General Muhamadu Buhari and on the Central Bank of Nigeria to do everything possible to reduce the Monetary Policy Rate (MPR) to a single digit number from the 13 percent it presently stands so as to boost investment in the country.

Addressing the media on the state of the nation in Lagos yesterday, the Acting National President of the association, Chief Bassey E. O. Edem, lamented that despite several reform programmes put in place by the current administration to improve the lots of the average Nigerian, there are still much to be done to tackle the hydra headed challenges ranging from insecurity in the country; unstable exchange rate, unemployment, unstable power supply, inflation; decline in trade volume and devaluation of the Naira, which has drastically reduced the purchasing power of the ordinary Nigerian.

He said these challenges have slowed down the realization of the government Transformation Agenda and the nation’s quest of becoming one of the twenty most industrialized nations in the world by the year 2020.

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