Businessman advocates low interest loans for entrepreneurs

Businessman advocates low interest loans for entrepreneurs


An entrepreneur and auto spare parts dealer, Ene Chineme John, has made a passionate appeal to the Federal Government to come up with policies that will ease the running of businesses in the country.

John who is the CEO of Clemroschi Autos & Global Company Ltd lamented that the existing policies like accessibility to loans and high import duties were killing businesses gradually.

To encourage more private businessmen to thrive, the mechanical engineering graduate suggested that banks should be convinced by the relevant agencies to grant low interest loans to private business owners.

He also appealed to the FG to come to their aid as it concerns custom clearance and import duties which he said were becoming a burden that was weighing them down.

“Government should help us in terms of making custom clearances and import duties easier and affordable. We are facing a lot of challenges in these areas.” he began.

“We also need access to loans with low interest rates. A situation were you’re asked to pay N600,000 interest on a loan of N1m does not help us at all.”

John also pointed at the fluctuating rates of the dollar as another big hurdle that businessmen are meant to scale all the time to stay afloat.

“The fluctuating exchange rate is also not encouraging business transactions. The dollar is over N900 currently and if you apply to the CBN to get forex at the official rate, they will say you’re not qualified.

“We usually don’t have any other options than to buy at the black market at very high rates.

“I had a terrible experience when I discussed with a manufacturer to produce some items for me and had to make 30% payment upfront in dollars before the production will start.

“By the time the manufacturer finished production of the items I placed orders for, the dollar rates have doubled. I was weeping and barely managed to sort myself out” he added.