Former governor of Cross River State, Donald Duke, has asked the federal government to instruct banks to reduce interest rates to make business easy for the middle class.
Speaking at the 5th anniversary of the Political Forum G50 with the theme, ‘blueprint for sustainable economic development’, which held on Saturday in Lagos, Mr Duke pointed that if avenues are not created for people to live a honest life, they would start living in a dishonest manner.
“If you want to grow an economy, you will have to ensure that credit is available and affordable. In Nigeria, credit is neither available nor affordable for the average citizen to start-up business because of the high-interest rate,” the former governor said.
“Banks should be compelled to reduce their interest rates to the barest minimum in order to encourage entrepreneurship in a country where the population is growing at 3.5 percent while the economy is growing under 2 percent.
“We spend about N1.5 trillion on subsidies, more than we spend on education, health, and infrastructure. We subsidize fuel for cars to drive on roads that do not exist. Gas, which we have in abundance and flare, we sell to domestic users at an international price.
“If we do not create an environment for people to live honestly, then they would start to live in a dishonest manner. If we continue the way we are, in another 30 years, we will be the third most populated country in the world and probably be the most dangerous country.”