Nigeria, Jan. 31 -- Experts warn that the high interest rate spread in Nigerian banks might hurt the nation's economy by 20 to 30 percent, making things worse for people and companies whose purchasing power has already been severely damaged.

Mustafa Chike-Obi, the chairman and CEO of the Bank Directors Association of Nigeria, and Tilewa Adebajo, the CEO of Lagos-based CFG Advisory, announced their stance on Thursday during an Arise TV program.

"Nigeria has the highest interest rate spread in the world, and the reason for this is that we have some very huge systemic challenges, as you can see with inflation. Nigeria's interest rate spread has been significant since 2009," Adebajo remarked.

Interest rate spreads in Nigerian banks have s...