CBN should force banks to borrow to SME only at single digit interest rates. The banks should be compensated with other concessions.
Banks in Nigeria today don’t do much borrowing to SME. So, where are people who don’t have capital expected to get it from?
In other countries you have car loans, mortgage loan to buy houses, educational loans. In Nigeria, only the rich can buy cars. A student in one of our universities just did something terrible to himself (SayNoToSuicide) because he couldn’t afford his tuition fees. Whearas his mates abroad could just have taken out a student loan.
Nigerians need a better life.