ACF chairman, Ogbeh knocks govt over ‘outrageous’ interest rates

National Chairman of Arewa Consultative Forum (ACF), Chief Audu Ogbeh, has warned that Nigeria is gradually mortgaging the future of its younger generation through bad economic policies.

He also urged the Federal Government to immediately cushion the effects of negative policies on Small and Medium Scale Enterprises (SMEs) in the country.

In a signed statement, yesterday, he said: “For nearly three decades, we have endured the most outrageous interest rates any developing country can endure. How can we continue to pay lip service to the vital issue of the growth of SME’s, the prosperity of the younger generation, if we make it impossible for them to access credit?

“We appreciate the efforts of the Central Bank of Nigeria. But we regret to say those efforts will not solve the problem when commercial banks are still charging 27 to 30 per cent. What kind of business will anybody do with such interest rates?”