BCI seeks single digit interest, stable exchange rates

BUSINESS Club Ikeja (BCI) has stressed the need for the country to maintain single digit interest rate and stable exchange rate that is market responsive to enhance business operations and facilitate economic growth.Delivering a speech at the end of year cocktail in Lagos at the weekend, the President of the Association, Mr. Suleimon Tella, who lamented the level at which indigenous companies are relocating to neighbouring countries, explained that no economy can thrive on interest rate of double digit.'We need very low interest rate and stability in the exchange rate, it should not be constantly under pressure. It should not even create problem to have the issue of subsidy.'The reason for fuel subsidy comes from the problem of exchange rate. We cannot deregulate our fuel without regulating the foreign exchange market because it also dependent on exchange rate.Also speaking, the former vice president of the group, Mr. Dele Makanjuola argued that only few companies are operating profitably in Nigeria, noting that these few successful ones has been taken over by the expatriates.Makanjuola, who is also the group managing director of Vitafoam Nigeria Plc added that if nothing is done to reverse the trend, no indigenous company would be able to sustain its operations in the next four to five years.
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