Bank in­ter­est rate killing agri­cul­tural ini­tia­tives – Audu Ogbe

Daily Trust - - NEWS - From Is­mail Ade­bayo, Birnin Kebbi

The Min­is­ter of Agri­cul­ture, Chief Audu Og­beh, has raised the alarm over the 25 to 35 per cent in­ter­est rate that banks charge, say­ing it is re­spon­si­ble for the back­ward­ness in agri­cul­tural fi­nanc­ing in the coun­try.

Og­beh who spoke dur­ing a pally be­tween the Fed­eral Gov­ern­ment and gov­er­nors of the All Pro­gres­sive Congress (APC) on pol­icy syn­ergy held in Birnin Kebbi, said high in­ter­est rate had been dis­cour­ag­ing farm­ers from borrowing for the im­prove­ment of their farms.

“One of the big­gest prob­lems we are fac­ing is fi­nance and the in­ter­est rate is high. How can farm­ers bor­row, how can in­dus­tri­al­ists bor­row, how can man­u­fac­tur­ers bor­row?” he asked, adding that high in­ter­est rate was badly af­fect­ing in­dus­trial growth.

Og­beh urged state gov­er­nors to sit with the Cen­tral Bank of Nige­ria to ad­dress the high in­ter­est rate is­sue.

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