Speaker of the House of Reps, Yakubu Dogara, has decried difficulties faced by Nigerians in accessing bank loans.
“I have had cause to say this before, that unless you have assets or equipment, there is no way you can take loan, or access loans from Nigerian banks to do business.
“If you are not careful in taking loans from Nigerian banks, one will just end up in the poverty gap.”
He said Nigerians were discouraged in managing their businesses as a result of their inability to access loans from banks.
“I don’t think our citizens are supposed to do their businesses with money they already have in their pockets. Businesses elsewhere are executed by loans from the banking industry in those countries.
“I don’t know why the interest rate in Nigeria is so high. What is it that we can do to lower it so that our young entrepreneurs can risk taking money from our financial institutions in order to realise their dreams.
“That has been the challenge, from the point of view of the Executive down to the Parliament, the political will to address this has not been there,” Dogara said.
He therefore, called on all stakeholders to join hands in ensuring improved banking institutions for better development.