Tambuwal calls for downward review of banks” interest rates

Sokoto state Governor, Aminu Waziri Tambuwal, has called for downward review of interest rate charged by banks to enhance growth and economic stability.

 He noted that the prevailing rate is hurting small businesses in the country. 

"I want to urge banks in the country, and especially the Central Bank of Nigeria (CBN), to look into this problem because many small and medium scale enterprises have gone under due to lack of access to finance," He said.

The Governor made this known when the Managing Director of the United Bank for Africa (UBA) Plc, Mr. Ken Uzoka paid him a visit. 

Tambuwal also noted that the prevailing interest rate was denying many individuals and small-holder entities access to loans, thereby limiting their ability to expand.

He said, “The ones that have struggled to stay afloat find it hard to expand. So the banks should look inwards and introduce policies that will, at the end, provide a win-win situation for them and their customers."

He said, "I am not saying you should give loans that are not sustainable, but within the operating environment, a common ground could be reached that will help to stimulate growth in the economy."

He lauded UBA Plc over  its corporate social engagements in the state and assured of  his administration ‘s willingness to continue to explore avenue to enhance  long standing relationship with the bank.