Bank interest rate killing agricultural initiatives – Audu Ogbe

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.