Speaking at a forum in
Abubakar said business operators should not be allowed to continue to struggle with high lending rates which are based on wrong monetary policy stance.
He urged the CBN to instead reduced interest rate to less than 5 percent to enable banks lend to the private sector at less than 10 percent interest rate.
"Business operators should not be allowed to continue to struggle with that kind of high lending rate in existence, which is based on wrong monetary policy stance.
"Indeed, the MPR should be reduced to less than five per cent to enable banks lend to the private sector at less than 10 percent interest rate if they are to thrive and boost productive capacities and create more jobs to reduce unemployment and poverty level in the country," he said.
Abubakar also urged the CBN to review the guidelines and include the organized private sector in the steering committee for effective administration and management of the N220 billion
He said this would enhance private sector collaboration with the bank in a bid to improve access to finance to genuine MSME operators in the country.
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