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COVID-19 making access to finance difficult – LCCI

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The President, Lagos Chamber of Commerce and Industry, Mrs Toki Mabogunje, says that the COVID-19 pandemic has increased the risks and uncertainties around access to finance for the private sector due

to the deteriorating economic outlook.

She said that prior to the outbreak of the novel virus, businesses were finding it difficult to access finance through the domestic financial system due to high borrowing costs. She added that the World Bank statistics showed that Nigeria’s 10.5 per cent domestic credit to the private sector in 2019 was one of the lowest in world.

 

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