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Chief Executive Officer of Sterling Bank Plc, Abubakar Suleiman, said the current banking environment did not support an affordable interest rate, during the unveiling of Made-by-Nigerians (MBN), a platform that aims at giving local companies access to the market and boosting confidence in their products
Chief Executive Officer of Sterling Bank Plc, Abubakar Suleiman, said the current banking environment did not support an affordable interest rate, during the unveiling of Made-by-Nigerians (MBN), a platform that aims at giving local companies access to the market and boosting confidence in their products.
The banker said that interest rate is positively correlated with inflation and that as long as the latter remains high, there is little or nothing the banks could do to bring down the cost of borrowing.
To ease inflation, he argued, the country’s productive capacity would need to increase and called on relevant stakeholders to work towards dealing with the supply-side bottlenecks and support the growth of local production. MBN was part of the efforts of the bank to support a productive local economy, he said.
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The MBN is a community designed to showcase the best products and services made by Nigerians, both at home and in the diaspora and will hold a fair from December 23 to 24, 2022, to exhibit the best Nigerian-made goods that meet international standards.
