LCCI flays banks for delay in releasing funds to investors

The Lagos Chamber of Commerce and Industry (LCCI) yesterday said it has discovered that commercial banks operating in the country were depriving investors majorly in agriculture, real estate, solid minerals intervention funds amid high interest rate charges.

LCCI President, Babatunde Ruwase, in a chat with New Telegraph in Lagos, explained that investigations among its members had shown that many investors in agriculture, real estate, solid minerals cannot finance projects profitably at an interest of rate of 10 per cent and above.

According to him, access to and cost of fund in Nigeria had been and remained a big issue for many domestic investors and this was affecting their contribution to the country’s Gross Domestic Product (GDP).

New Telegraph, May 22, 2018

 

RipplesNigeria… without borders, without fears

Click here to join the Ripples Nigeria WhatsApp group for latest updates.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now