A new report from the Central Bank of Nigeria (CBN) has revealed that a majority of Nigerians are groaning under the burden of high borrowing costs, with a whopping 65.5% of the population calling for a downward review of lending rates.
The report, which forms part of the apex bank’s latest Consumer Expectations Survey, shows that citizens are increasingly frustrated by the difficulty in accessing affordable credit, especially for small businesses and personal needs.
Respondents expressed concerns that current interest rates are stifling economic growth and making it harder for individuals and SMEs to survive the harsh economic realities. Many Nigerians say they are eager to see rates slashed to more reasonable levels to ease their financial burdens.
As the CBN continues its monetary policy reforms, economic experts are urging the bank to consider the voices of the people and take proactive steps to stimulate lending and boost purchasing power.
