The Federal Government says it has resolved to reduce lending rate to single digit to attract investors and grow the economy.

This indication was given on Monday by the Minister of Trade and Investment, Mr. Olusegun Aganga, at the foundation laying ceremony of Funduk Intravenous Fluids Factory in Ibadan.

According to Aganga, the objective is to address the worsening state of industrialisation and economic growth in the country.

The minister, who expressed concern over the high cost of doing business as a result of high interest rates in Nigeria, said that the lending rate was recently discussed at the Federal Executive Council Meeting.

President Goodluck Jonathan, he said, had approved the re-capitalisation of the Bank of Industry as a major step towards boosting industrial and economic developments.

He said, “The need to industrialise this country is of paramount importance to the present administration. Nigeria is a blessed nation. I see opportunity of growing the economy of this country.

“We have commenced our industrial revolution plan. Our aim is to create access through affordable loan, encourage local patronage, industrial development and innovation.

“Our nation is richly endowed with human and material resources. These attributes are very compelling. I have been to about 29 countries; investors realise that there is great prospect in Nigeria. You can move capital and innovation but you cannot move market. Nigeria has a vast market.”

Governor Abiola Ajimobi of Oyo State said that no investor would come to any environment where there was no security. “Unfortunately, the attitude of Nigerians to business and work is very low. Our attitude to productivity is very discouraging.”

Earlier in his address, the Chairman, Funduk Industries Limited, Prof. Dupe Olatunbosu, said that he conceived the idea of setting up the factory three years ago while lying critically ill at the University College Hospital.

He urged the government to provide enabling environment for businesses to thrive.

Source: Punch (written by Akinwale Aboluwade)