MSMEs, Analysts Say CBN Rate Cut Yet To Ease Credit As Private Lending Falls By N537.6bn

Small business owners and market analysts have said the Central Bank of Nigeria’s (CBN) interest rate cut has yet to make credit cheaper or easier to access, after private sector lending fell by N537.6 billion in September.
The president of the Association of Small Business Owners of Nigeria (ASBON), Dr. Femi Egbesola, said the rate cut had not yet translated into affordable and accessible credit for Micro, Small and Medium Enterprises (MSMEs). He described the fall in private sector credit as a worrying signal.
“The reality for many MSMEs is that the CBN’s rate cut has not yet translated into affordable, accessible credit. This is a worrying signal, although the aggregate figures alo...