Downward review of Monetary Policy a necessity – Edo
Downward review of Monetary policy – the Edo state government has bemoaned the negative effect of CBN hiked Monetary Policy rate.
It has affected commercial banks interest rate in return, making it difficult for Small and Medium Enterprises to access working loans.
According to the Edo state commissioner for wealth creation Mr Emmanuel Usoh, who explained that the CBN Monetary Policy pegged at 20 to 25% interest rate does not in any way reflect or solve the needs of the SME’s.
He lamented during the 17th micro Small and Medium Enterprise international summit and exhibition organized by the Nigerian Association of Small and Medium Enterprises (NASME)
according to Usoh, ‘Monetary Policy is cascading to commercial banks, where interest rate are between 20 to 25%, there’s a growing need for downward review of Monetary Policy.
Commercial banks interest rates unaffordable collaterals, all these have inhibited the growth of SME’s in the country.
Other challenges highlighted are ; corruption, infrastructural deficits, lack of capacity building for small business operators, institutional and public reforms.
The President of the association Mr Degan Agboade, however noted that the organized summit was the association’s contribution to the federal government ongoing economic reforms.
Raphael Orji is a Digital Marketing Expert, Seasoned and Dynamic Freelancer, with interest in Banking, Personal finance, Entrepreneurial development. A Councillor and Motivational Speaker.
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