It called for the review of rates imposed by the Central Bank of Nigeria, the Deposit Money Banks and others to make doing business easier for the average Nigerian.
The House also urged the National Economic Council to critically consider how to reduce the cost of doing business in Nigeria “in a manner that the common man will feel the impact.” The lawmaker also noted that lending rates were largely determined by the Monetary Policy Rate set out by the CBN, hence the higher the MPR, the higher the interest rates charged by commercial banks.
“The House is worried that the lending rates impede economic growth as they impact negatively on the performance of the manufacturing sector due to the difficulty of accessing loans from banks.
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