Former Cross River State Governor and presidential candidate of the Peoples Redemption Party (PRP), Donald Duke, has called for a major overhaul of Nigeria’s financial system, warning that high interest rates, rising public debt and what he described as misplaced government spending are making it difficult for businesses to survive and the economy to grow.
Duke made the call during an interview while outlining some of the economic policies he said he would pursue if elected President in the 2027 general election.
According to him, Nigeria cannot achieve meaningful economic growth when businesses and investors are forced to borrow money at extremely high interest rates.
He specifically pointed to lending rates in the upper 30 per cent range, arguing that such borrowing costs discourage investment, expansion and job creation.
“With interest rates in the upper 30s, you are undermining the economy. You cannot grow an economy with borrowing costs at that level,” Duke said.
The former governor said affordable credit remains one of the major requirements for businesses to expand, employ more people and contribute to economic development.
He argued that the country’s economic problems should not be treated as a monetary policy issue alone, insisting that government spending, electricity supply, taxation, the justice system and access to finance are all connected.
Duke also criticised government expenditure, saying public funds should be channelled towards sectors capable of producing wider economic benefits rather than projects with limited economic returns.
He identified electricity, healthcare, education and the judiciary as areas that require greater investment because of their potential impact on productivity, human capital development, business growth and investment.
For Duke, fixing Nigeria’s power sector should be one of the country’s most urgent economic priorities. He said Nigeria is blessed with different forms of energy but has failed to make energy sufficiently available and affordable to businesses and households.
“We are blessed with virtually every form of energy. Make energy available and affordable because that is the greatest stimulus for productivity,” he said.
He further called for reforms in Nigeria’s tax and revenue collection system, arguing that an efficient tax system, prudent government spending and a judiciary that commands public confidence would help create a better environment for businesses and investors.
Duke said investors would be more willing to put their money into Nigeria if they could operate in an environment where electricity is reliable, taxes are efficiently administered and commercial disputes can be resolved quickly and fairly.
The PRP candidate also linked Nigeria’s economic difficulties to what he described as poor economic management and the high cost of running government.
He maintained that the country has enough resources to achieve rapid economic transformation but said the challenge is ensuring that those resources are properly managed and directed towards productive activities.
Beyond the economy, Duke also used the interview to outline his position on political appointments and governance, promising to prioritise competence and integrity over political loyalty if given the opportunity to lead Nigeria.
The former Cross River governor argued that political considerations should end after elections and should not determine who gets critical government positions.
“Politics ends after the election. Governance begins with assembling the best hands to move the country forward,” he said.
He said public offices should be occupied by people who have the capacity and integrity to deliver results, rather than individuals appointed simply because of their political loyalty.
Duke also defended his record as governor of Cross River State, saying his administration focused on building institutions that could survive beyond the tenure of an individual governor.
He said the same approach would guide his proposed federal administration if elected, with an emphasis on strong institutions rather than concentrating governance around individuals.
His comments come as Nigerian businesses and households continue to grapple with the high cost of accessing credit, while government faces pressure over debt, public spending and the need to stimulate economic activity.
Duke believes the solution requires a combination of affordable financing, reliable electricity, responsible government spending, effective taxation and institutional reforms rather than relying on monetary policy alone.
He said his proposed economic direction would seek to move Nigeria away from an economy characterised by high operating costs and weak productivity towards one driven by investment, enterprise and sustainable growth.
For many businesses, particularly small and medium-sized enterprises, the debate over interest rates and access to affordable credit remains a critical issue because expensive loans can make expansion almost impossible.
Duke's intervention therefore places economic management at the centre of his 2027 presidential campaign, while also presenting his proposed reforms as an alternative to what he described as the current system of expensive credit, inefficient spending and weak institutional performance.
His comments are likely to generate further debate as political parties and presidential hopefuls begin to present their economic visions ahead of the 2027 elections.
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