Former President, Olusegun
Obasanjo has said the current interest rate will slow the pace of development
in the sector.
Obasanjo said this during an
entrepreneurial programme in Abeokuta, the Ogun State capital.
He called on the Central Bank of
Nigeria (CBN) to review the interest rate given on agricultural loans.
He said, “America’s agriculture
was developed on an interest of two and half percent. Central Bank should act
as the catalyst and they can do it.
“There are few countries that
progress without taking Agriculture seriously. The way the Central bank is
going is not the way. ”
This call by the former president
is coming few days after Monetary Policy Committee, MPC, retained the basic
interest rates unchanged benchmarking it at 14 percent.
Speaking to the young
entrepreneurs at the event, Obasanjo said, “There are entrepreneurs by desire,
entrepreneurs by accident, entrepreneurs by inheritance.
“There is entrepreneurship in
you, and we must develop it. The purpose of our being here today is to assure
you that you can develop it and we will make you develop it.”
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