Making this known at the Nigeria Summit organised by The Economist UK, el-Rufai, said that no one (businesses) could borrow at 20 percent or more and make gain.
According to him “ The current level of interest rates would hinder economic growth. The Federal Government needs to look at reducing interest rates to boost small businesses.”
Giving an overview on how Kaduna State has created the environment for investors to thrive, he said: “ Kaduna is Nigeria’s largest producer of maize, soybeans and ginger and we are taping the agricultural potentials in the state to diversify our revenue base. We are improving access to market for our farmers in Kaduna state.
“We want to reduce our reliance on the Federal Government. Currently, 60 per cent of our income comes from FG. We must create value in Kaduna. Through people having access to land title for agriculture, curbing corruption and expanding our tax net, our aim is to reduce our focus on the Federation Account from 60 percent of our total revenue to 25 percent.”
On the area of state policing he said: “We cannot sit in Abuja and run a centralised police system and expect it to be effective. Besides the FG paying the salaries of these policemen, Kaduna State carries most of the operation workings. The constitution should be amended to give greater power to the states. In addition to state policing, local governments should be allowed to have some enforcement power since crime is mostly local”
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He concluded “We are developing women role models hence we have ensured that women occupy strategic positions in Kaduna State. Education is free for the first 9 years in Kaduna. Before the end of the year, the industrial sites in Kaduna will have uninterrupted power supply”
Lending his view, Amosun of Ogun State stated that the state was making agriculture more attractive to the younger generation in partnership with the Bank of Industry to access interest rates at nine percent with plans to ensure further reduction in interest rates to about three to six percent.
Governor Amosun explained “Until a state becomes self-sustaining, the state cannot be referred to as a state. Proper infrastructure needs to be in place to get necessary results. Education is key in helping citizens get skills that can be used to improve the economy. However, we are turning Ogun State into the industrial hub of Nigeria with the hope that other states of the federation will desire to be like Ogun than Lagos.”