Aliko Dangote, Chairman of the Dangote Group, has voiced his concern over the Central Bank of Nigeria’s (CBN) decision to raise the interest rate to nearly 30 percent.
Speaking at a summit organised by the Manufacturers Association of Nigeria (MAN) on Tuesday at the State House in Abuja, Dangote warned that the new rate could stifle economic growth and hinder job creation.
“Nobody can create jobs with an interest rate of 30%. No growth will happen,” Dangote exclaimed.
He emphasised the need for Nigeria to emulate leading countries in the West and the East that are actively protecting their domestic industries.
“Import dependence is equivalent to importing poverty and exporting jobs. No power, no growth, no prosperity. Similarly, there is no affordable financing, no growth, and no prosperity,” he stated.
Dangote argued that industrialization requires protectionist policies, and neglecting this reality could exacerbate issues such as insecurity, banditry, kidnapping, and poverty.
