No Power, No Growth, No Development – Dangote Knocks CBN Over Latest Policy

Chairman and Chief Executive of the Dangote Group, Aliko Dangote has condemned the latest increment of interest rate to almost 30 per cent by the Central Bank of Nigeria (CBN).

Naija News reports that the apex bank had increased the Monetary Policy Rate(MPR) for the third straight time from 24.75 per cent to 26. 25 per cent in May.

However, speaking during the opening session of a three-day summit organised by the Manufacturers Association of Nigeria (MAN) at the Banquet Hall of the State House, Abuja, on Tuesday, Dangote insisted that businesses could not cope with the current rate.

He argued that the government must protect businesses in the country by creating an environment that would help them to thrive.

According to him, an import-dependence country is equivalent to poverty importation.

“No Power, no prosperity. No affordable financing, no growth, no development,” he explained.

Dangote said for the government to address the challenges of unemployment, poverty and insecurity, the manufacturing sector must be empowered to function optimally.

The MAN also criticised government policies and attitude, saying they were responsible for the low performance of the manufacturing sector in the country.

The event had in attendance, Vice President Kashim Shettima and other government officials.

In his remarks, the President of MAN, Otunba Francis Meshioye said over seventy manufacturers have exited the sector between 2019 and 2022.