Dangote Condemns CBN’s Interest Rate Hike   

4 months ago 50

Forbes’ Africa’s richest man and chairman of Dangote Group, Aliko Dangote, has strongly criticised the Central Bank of Nigeria’s (CBN) recent interest rate hike, which has approached nearly 30 per cent.

Speaking at the opening session of a three-day summit organised by the Manufacturers Association of Nigeria (MAN) at the Banquet Hall of the State House in Abuja on Tuesday, Dangote warned that the current interest rate regime posed significant challenges to job creation and industrial growth in Nigeria.

“Nobody can create jobs with an interest rate of 30%. No growth will happen,” Dangote stated. He emphasised that the elevated interest rates make it difficult for the manufacturing industry to grow and compete favourably, urging the government to implement policies that protect domestic industries.

Dangote highlighted the importance of an enabling environment for manufacturers, noting, “We must look to leading countries in the West and the East who are actively protecting their domestic industries.” He also drew a stark comparison between import dependence and economic adversity, stating, “Import dependence is equivalent to importing poverty and exporting jobs. No power, no growth, no prosperity. Similarly, no affordable financing, no growth, no prosperity. There is no industrialization without protection. Ignoring these facts is what gives rise to insecurity, banditry, kidnapping, and abject poverty.”

This comes in the wake of the CBN’s Monetary Policy Committee’s (MPC) decision to increase the Monetary Policy Rate (MPR) for the third consecutive time, from 24.75 per cent to 26.25 per cent.

Dangote’s comments underscored the urgent need for policy adjustments to support existing businesses and foster economic stability.

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