Economy: High interest rates pushing Nigerian youths into kidnapping – ACF Chair

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Economy: High interest rates pushing Nigerian youths into kidnapping – ACF Chair

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Economy: High interest rates pushing Nigerian youths into kidnapping – ACF Chair by : 5:22 pm On October 9, 2021

From Noah Ebije, Kaduna

The National Chairman of the Arewa Consultative Forum (ACF), Chief Audu Ogbeh, has noted that the high interest rates being charged by banks for credit loans over small and medium enterprises are capable of pushing youths into kidnapping which they consider as the fastest means of making money.

In a statement made available to the media on Saturday to congratulate President Muhammadu Buhari for the presentation of budget estimates of the 2022 fiscal year, Chief Ogbeh described the interest rates as the most outrageous interest rates that any developing country could endure.

‘We wish to caution that unless and until we hurriedly establish a mechanism to deal with the current national tragedy where our childŕen have resolved that the fastest way to their personal economic recovery is kidnapping, we think that the Nigerian economy cannot experience ŕeal growth if access to reasonable credit remains forever blocked.

‘For nearly three decades, we have endured the most outrageous interest rates that any developing country can endure. How can we continue to pay lip service to the vital issue of the growth of SME’s Small and Medium Scale Enterprises, the prosperity of the younger generation if we make it impossible for them to access credit?

‘We appreciate the efforts of the Central Bank of Nigeria CBN, but we regret to say those efforts will not solve the problem when Commercial Banks are still charging 27-30%. What kind of business will anybòdy do with such interest rates?

‘I congratulate President Muhammadu Buhari for his presentation of the budget estimates of the 2022 fiscal year. The Forum appreciates the desire and commitment of his administration to take steps to expand and concretise the infrastructure base without which economic growth will be a mirage. We also want to commend the government on the new onslaught on bandits.

‘We also want to commend the government on the new onslaught on bandits and criminals nationwide.
We are however worried that no mention was made of the problem of interest rate,’ the statement read.

The post Economy: High interest rates pushing Nigerian youths into kidnapping – ACF Chair appeared first on The Sun Nigeria.

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