The prevalent unfriendly banking practices are responsible for the stunted entrepreneurship and by implication the slow growth of the nation’s economy in Nigeria, Speaker of the House of Representatives, Yakubu Dogara, has said.
He also identified lack of political will to effect necesaary reforms as a major stumbling block to a conducive entrepreneurial growth in the country.
According to him, the seemingly intractable adverse effect of the harsh business environment requires a concerted action by all stakeholders.
Dogara spoke on Monday in Abuja at the launch of a book on banking reforms by Dr. Bode Ayorinde, a member of the House of Representatives, representing Owo/Ose Federal Constituency of Ono State.
Also in attendance were the Vice President, Professor Yemi Osinbajo and the governor of Ondo State, Rotimi Akeredolu among several others.
Dogara, who noted that high lending rates, coupled with difficulties in accessing loans, regretted that the prevailing Nigerians banking situation was not so unfriendly compared with what obtains in other countries.
He said: “The challenge in the banking industry in Nigeria is such that it is organized in such a way that it creates buoyancy and development in other jurisdictions, not in Nigeria.
“I have had cause to say this before, that unless you have assets or equipment, there is no way you can take loans or access loans from Nigerian banks to do the business.
“If you are not careful in taking loans…