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Monday, March 20, 2023

High Interest Rates Killing Indigenous Business Enterprises -ACF

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The Arewa Consultative Forum (ACF), has frowned at the high rates of interest charges on bank loans in the country.
The Forum added that the interest charged by banks on commercial loans are so high that instead of promoting business, they are killing all indigenous business enterprises.
The Forum, in a communique issued after its National Executive Council (NEC) meeting in Kaduna further explained that no business can function in Nigeria or anywhere without a friendly environment of loaning from banks.
ACF therefore called on the government to intervene, saying that the collapse of business has direct links with unemployment and insecurity.
On food security, ACF accused States and Federal Government of giving scant attention to Animal Husbandry in the country. ” Animal Husbandry alone accounts for 6% of our Gross Domestic Product (GDP) Nigeria spends $1.6 billion on importation of milk alone. If animal husbandry is well harnessed it will save Nigeria, this large expenditure.
“Many Nigerians are not aware that those involved in the business of animal husbandry are themselves victims of insecurity, while their cattle are often rustled and they are kidnapped for ransom too.
“There is a need to encourage alternative means of dispute resolution as those involved in farmers/herdsmen clashes are rural illiterates who sometimes are not comfortable with the police and the modern court system but would prefer traditional ways of resolving issues,” ACF said.
While commending the Federal Government for the effort it is making to improve the state of the infrastructure in the country, ACF said, the fact, however, remains that the northern part of the country, with the largest proportion of land (over 75%) and the highest number of population is definitely not getting its fair share of the new infrastructure being developed.
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