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Aliko Dangote Criticizes CBN’s High Interest Rate, Urges Government to Protect Businesses

Aliko Dangote Criticizes CBN's High Interest Rate, Urges Government to Protect Businesses

Aliko Dangote, Chairman of the Dangote Group, has criticized the Central Bank of Nigeria (CBN) for raising the interest rate to nearly 30%.

Speaking at a summit organized by the Manufacturers Association of Nigeria (MAN) in Abuja on July 2, Dangote voiced concerns about how the high-interest rates are affecting job creation and the growth of the manufacturing sector.

The CBN recently increased the Monetary Policy Rate (MPR) for the third time in a row, raising it from 24.75% to 26.25%.

“Nobody can create jobs with an interest rate of 30%. No growth will happen,” Dangote stated, highlighting the challenges faced by manufacturers in competing and expanding under such conditions. He also called for new policies to protect domestic industries and urged the government to provide an enabling environment for existing businesses, particularly manufacturers, to thrive.

He added;

“We must look to leading countries in the West and the East who are actively protecting their domestic industries. 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.”

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