Friday, Jul 10th 2020 2:44 PM
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Market Digest Nigeria

Business

Businesses want 50% cut in interest rates from banks – LCCI

54% of business owners in Nigeria want commercial banks to reduce their interest rates by at least half, the Lagos Chamber of Commerce and Industry (LCCI) has revealed.

Muda Yusuf

Toki Mabogunje, the President of the LCCI, said in her quarterly briefing on Tuesday that the body was passionate about tackling the economic crisis triggered by the lockdown over the coronavirus pandemic.

“More than half (54 per cent) of business owners want banks to reduce interest rate and give moratorium on loans, 29 per cent want reduction in tax liabilities while 17 per cent want waivers on import duties and demurrages,” she said.

According to the LCCI, business owners are seeking interest rate cut alongside other incentives so as to keep businesses buoyant amidst the COVID-19 pandemic, which has crippled many businesses and disrupted supply chains.

Mabogunje observed that now was the right moment for policy-makers and the organised private sector to collaborate to salvage the economy from collapse.

“Majority (83 per cent) of business owners plan to cut down salaries, downsize workforce or a combination of both.

“Businesses therefore request adequate stimulus and intervention to preserve investments and save jobs.

“Commercial banks should reduce their interest rates by at least 50 per cent, from whatever they are charging now.”

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