No surprises here, after all inflation rate has dropped from 12% to about 8% within a year. Despite this drop borrowing rates still remain high and the FBN wont let of on the NPR.
The CBN Governor only just confirmed what I already knew. He is more interested in keeping inflation low and stabilizing exchange rate. The small business guy out there looking for loans to fund his business is not in the plans at least for now. He does make valid points on infrastructure being more of the problems for small businesses that borrowing rates but I also think tenor is also a bigger problem. The cash out flows expected from banks for repayments are typically incompatible with the cash inflows of SME’s.
This is why your interest rate on borrowing is still high.