Economy

Poverty reduction: Economist calls for single digit lending rate, to achieve set goals

Published

on

A Don, Dr Austine Nwaeze, has called for the reduction of lending rate to single digit, to enable the Federal Government achieve its target of lifting 100 million Nigerians out of poverty in the next 10 years.

Dr Nwaeze, who lectures in Economics at the Pan Atlantic University, Lagos made the suggestion in an interview with the News Agency of Nigeria on Thursday in Lagos.

The economist said the government should persuade the apex bank to cut down lending rate from 13.5 per cent to single digit, to boost the productive sector.

NAN reports that President Muhammadu Buhari said that the Federal Government will lift at least 100 million Nigerians out of poverty in the next 10 years.

The president said this during his inaugural address for a second term in office on Wednesday in Abuja.

He said his administration would henceforth begin to lay the foundation for accomplishing the poverty reduction goal by offering a leadership with a sense of purpose.

According to Nwaeze, if the Federal Government must achieve such a laudable programme, there is need for more support for the SMEs.

“The monitoring authorities must lower the rate to one single digit to enable commercial banks issue cheaper funds to prospective businesses.

“A single digit rate is what many of the advanced economies of the world adopt to boost their businesses and tackle poverty,” he said.

“The government reforms in the ease of doing business must be sustained to encourage growth, while multiple taxes by the tiers of government should be addressed.”

Nwaeze said that the N5, 000 reduction in the registration fee of businesses should be extended to 2021 from 2020.

He said the government could pull millions of Nigerians out of poverty by implementing many of the innovations from our agricultural research institutes.

According to him, this will encourage more Nigerians to venture into agriculture and make a living out of it, as well as make the country to be food sufficient.

He said that since the President had four years to stay in office, the party should sell the idea to his successor for the policy to be implemented to the letter.

 

 

Joseph Idika

Joseph Idika: NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.ng. Disclaimer.

Latest News

Coronavirus – Zimbabwe: COVID-19 update (26 January 2021) Coronavirus: African Union Member States reporting COVID-19 cases as of 26 January 2021, 9 am EAT eLife Publishes AIMS Researcher’s Paper on HIV Treatment Coronavirus – Malawi: COVID-19 update (25 January 2021) Coronavirus – Ethiopia: COVID-19 update (25 January 2021) Coronavirus – Nigeria: COVID-19 update (25 January 2021) Coronavirus – Zambia: COVID-19 update (25 January 2021) Coronavirus – Kenya: COVID-19 update (25 January 2021) 34th AU Summit strives to leverage and valorise African Arts, Culture and Heritage Signing of memorandum of understanding (MoU) Between Development of the Private Sector (ICD) and SQB Securities, Uzbekistan New African Development Bank-Global Center on Adaptation (GCA) initiative will galvanize $25 billion to scale up African climate adaptation Africa's top business leaders to participate in awards to celebrate India's republic day to independence day Register to hear Musa Kalenga on leapfrogging tech in Africa at #BizTrends2021 Unstoppable Paule Ella Guei honoured with Sports+ Award Her Excellency Fatoumata CM Jallow Tambajang and her commitment to serve the people of Africa Coronavirus – Rwanda: COVID-19 update (25 January 2021) Coronavirus – Gambia: COVID-19 update (25 January 2021) Kenya adopts Trusted Travel digital tool for COVID-19 test result verification Coronavirus: African Union Member States reporting COVID-19 cases as of 25 January 2021, 9 am EAT Coronavirus – Uganda: COVID-19 update (24 January 2021) Beyond COVID: Prioritizing NTD agenda and sustainable local financing International Islamic Trade Finance Corporation (ITFC) announces the launching of the 2nd phase of the Aid for Trade Initiative for Arab States (AfTIAS 2.0) in June 2021 to Mitigate the Effects of COVID-19 on Trade in the Arab Region Coronavirus: African Union Member States reporting COVID-19 cases as of 24 January 2021, 6 pm EAT New Report on African media shows western sources dominate how the Africa story is told Coronavirus – Malawi: COVID-19 update (24 January 2021) Coronavirus – Kenya: COVID-19 update (24 January 2021) Coronavirus – Zambia: COVID-19 update (24 January 2021) Sudan kicks off second response campaign against polio outbreak Rugby Africa announces competition program and calendar for 2021 Coronavirus – Eswatini: COVID-19 update (24 January 2021) Situation in Central African Republic II: Mahamat Said Abdel Kani surrendered to the ICC for crimes against humanity and war crimes Coronavirus – Rwanda: COVID-19 update (24 January 2021) Coronavirus – South Africa: COVID-19 update (24 January 2021) Community health workers must be better supported in 2021, the Year of the Healthcare Worker Coronavirus – Malawi: COVID-19 update (23 January 2021) Coronavirus – Rwanda: COVID-19 update (23 January 2021) Coronavirus – Uganda: COVID-19 update (23 January 2021) Coronavirus – Ethiopia: COVID-19 update (23 January 2021) Vision of H.E. Moussa Faki Mahamat for the term of office 2021-2024 Coronavirus – Zimbabwe: COVID-19 update (23 January 2021) Coronavirus – Nigeria: COVID-19 update (23 January 2021) Coronavirus – Zambia: COVID-19 update (23 January 2021) Coronavirus – Kenya: COVID-19 update (23 January 2021) Coronavirus – Gambia: The variant strain of the SARS-CoV-2 virus first detected in the United Kingdom has been identified during sequencing in positive specimens at the National Public Health Laboratory Services Sierra Leone’s President Julius Maada Bio launches the Sierra Leone Health Village, turns Sod for the Construction of Ultra-Modern General Hospital at Kerry Town Devastation feared as Eloise approaches Mozambique Coronavirus – Ethiopia: COVID-19 update (22 January 2021) Coronavirus – Rwanda: COVID-19 update (22 January 2021) Coronavirus – Eswatini: COVID-19 update (22 January 2021) Coronavirus – Zimbabwe: COVID-19 update (22 January 2021)