When the recipe of the world avoiding falling into a slowdown is the prudent
reduction of interest rates, it is really alarming to read that the interest
rate in Nigeria is 12 percent. If that is what the Reserve Bank there charges,
God help people who have to borrow from other sources. High interest rates
may provide a blanket cushion for people who have money, and for the banks,
but for industry and commerce, such rates are just crippling.
No wonder that despite the Oil wealth of Nigeria, one often hears of people
who are millionaires on paper but run little kiosks in Lagos or Kaduna, or
maybe such folklore is just that, meant as humour.
As God has blessed Nigeria with natural resources and a smart and educated
population, maybe it is just a matter of adjusting the policies,
for example lower interest rates, and the whole country can enjoy a boom?