Vice-President Namadi Sambo Monday flayed the high rate at which commercial banks charge interest rates. This, according to him, hampers small and medium scale enterprises (SMEs) in accessing finance for their operations.
He stated this in
According to a statement by his Senior Special Adviser on Media and Publicity,
He bemoaned a situation where international financial institutions channel funds through local banks for on-lending to SMEs only for banks to turn around and charge high interest rates.
He therefore urged the IDB to evolve ways through which the SMEs could have easy access to cheap funds to finance theirs businesses.
The vice-president was further quoted to have stated that the federal government has a robust national master plan for SMEs.
While congratulating the chairman for the extension of his services by the Bank, Sambo added that the current rebasing of
The vice-president further noted that, with the successful completion of 10 new thermal power plants in the country, there was also the need for adequate gas infrastructure to support the country's industries.
He urged bank to support financing of both gas and transportation infrastructure to allow for local processing and transportation of gas within the country.
While adding that there were several other power and agricultural projects and programmes which the administration was currently executing that included the Gurara Phase II 260mw hydro power project, the 3050mw larger Mambila hydro-power project, the
In his remarks, Chairman of the IDB, Ali said the institution has interest in many sectors, which included education, healthcare, project financing, power and gas, at the moment, saying the bank was engaged in a gas pipeline project that would connect the southern and northern parts of Cote D' I'voire, which was at pilot stage and that they hope to also work with
According to the statement, high point of the event was the presentation of congratulatory letters by the vice president to the IDB chairman for his 40th anniversary in service and for the extension of his service in the organisation.
Currently the IDB is financing a number of projects in a number of countries across the world including
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