Nigeria In One Minute

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

 

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