There is an expectation by Minister of Finance – Kemi Adeosun that there will be a reduction in interest rates in the country.
The minister wants the Central Bank to lower interest rates for government to borrow locally without expanding its debt servicing costs.
She says the apex bank needs to re-evaluate a recent hike in loan fees, to support the Naira and attract foreign inflows into the nation’s security market.
Adeosun notes that it would be quite difficult for Nigeria’s foreign exchange problems to be resolved because of the nation’s economy’s import-driven nature.
The finance minister, however, believes government can ‘spend its way out of trouble’ through fiscal stimulus by specifically investing in infrastructure and ease of doing business.
Meanwhile, the central bank is due to announce a new interest rate decision on Tuesday