Benue tasks CBN to cut down interest rates on loan

Governor Samuel Ortom

Benue State Governor Samuel Ortom  has called on Central Bank of Nigeria (CBN) to reduce the current 28% interest rates on loans granted to private Investors in the country’s economy to make their windows and loan schemes more attractive to entrepreneurs.

Ortom gave this indication in a keynote address at a two-day Fair and enlightenment campaign organized by Central Bank of Nigeria at Makurdi ,Benue state North Central Nigeria.

 Commissioner for Industry, Trade and Investment Dr. Tersoo Kpelai who delivered the governor’s address called on CBN and relevant stakeholders to evolve ways including financial literacy in the curriculum of Primary, Secondary and Tertiary institutions in the country, noting that it would go a long way in sustaining the current enlightenment campaign and capacity building programmes of the apex bank.

While commending the CBN for introducing policies such as consumer protection right, Bank Verification Number (BVN) and Treasury Single Account (TSA) which he said have helped in ensuring accountability and sanity in the banking sector, governor Ortom revealed that his administration has gone extra miles to introduce the Point of Sale (POS) in the collection of all forms of revenue in the state to block leakages and ensure transparency.

Dr. Kpelai who quoted governor Ortom as assuring people of the state that his administration would continue to encourage the private sector to thrive said the way to go is diversification.

On his efforts to promote SMEs and other entrepreneurship activities in the state, the governor said on assumption of office, his administration among other things organized the 8th Benue National Trade Fair while plans are in the pipeline towards completion of CBN North Central Entrepreneurship Development Centre Makurdi.

Earlier in an opening remarks, the representative of the CBN governor Alhaji Aliyu noted that the management of Central Bank of Nigeria attaches great importance and commitment to the sensitization programme, explaining that the main objective of the event was to create awareness about CBN activities that bother on economic development initiatives of the bank with a view to providing available opportunities and how the citizens could take advantage of same.