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OPS Supports CBN Reforms, Seeks 3% Interest Rate Lagos By Chris Nwachuku Organised Private Sector has endorsed the recently introduced reforms in the banking sector, with a plea that interest rate be pegged at three per cent. It also demanded that more measure be taken to protect local industries from dumping and massive importaion, especially of substandard products. The group said anything more than that will stifle the sector which performed poorly last year, inspite of all the macro economic policies intiated by government. The demand for three per cent interest rate is coming on the heels of the Federal Government directive to CBN to restrict the rate to one digit. Chairman of NECA, Iron and Steel branch Tony Gill said most of the manufacturing companies were folding up because of the absence of capital to sustain their businesses. He said the current rate was not attractive to manufacturers. "We support the CBN. We also appreciate the directive of the Federal Government to CBN to peg interest rate at one digit. But we in the manufacturing sector do not believe that just one digit will solve our problem. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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