Breaking News

Interest rate hikes issue for private sector- Okonjo-Iweala

Kindly Share This Story:

Nigeria’s sharp recent interest rate hikes will make it harder for the private sector to access affordable credit from banks, which is needed to drive growth in sub-Saharan Africa’s second-largest economy, the finance minister said on Thursday.

Coordinator of the Economy Ngozi Okonjo-Iweala said interest rates needed to be balanced carefully to support private sector growth but still keep inflation under control.

Nigeria’s central bank has raised interest rates six times this year to curb inflation and support the local naira currency. “What we are focusing on is how this banking sector can now work with the real sector and really spur development … (we need) credit for most of our private sector at reasonable and affordable rates of interest,” Okonjo-Iweala said at an industry conference in the capital Abuja.

Kindly Share This Story:
All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.
Do NOT follow this link or you will be banned from the site!