Edo State Governor, Mr. Godwin Obaseki, expressed his disapproval of the Central Bank of Nigeria’s decision to increase the interest rate to 22.75%.
He cautioned Nigerians about impending challenges resulting from what he termed as unfavorable economic policies by the federal government and the CBN.
During the Edo Zone Bankers’ Committee Dinner in Benin, Obaseki highlighted the potential negative impact on businesses and the national economy due to the interest rate hike.
He emphasized the importance of focusing on production, reducing dependence on imports, and creating an environment conducive for small businesses to access credit and grow.
Obaseki urged a shift in focus towards productive activities and fiscal measures to stimulate economic growth, emphasizing job creation as a national priority.
Additionally, he encouraged commercial banks to develop products and services that can help citizens navigate the current economic challenges.
