Rate Cut: ASBON Demands Lower Lending Rates, Cheaper Business Costs

The Association of Small Business Owners of Nigeria (ASBON) has welcomed the Central Bank of Nigeria's reduction of the Monetary Policy Rate (MPR), calling it a long-awaited development that could ease pressure on small and medium-sized enterprises (SMEs). However, ASBON National President Dr. Femi Egbesola said the impact would depend on whether commercial banks translate the reduction into lower borrowing costs for businesses. Egbesola spoke in an interview with LEADERSHIP while reacting to the CBN's decision to cut the MPR by 350 basis points. He noted that the development was particularly significant for the SME community, which has been grappling with high borrowing costs and difficult operating conditions.

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