Dangote Decries CBN’s 30% Interest Rate, Calls for Government Support for Domestic Companies

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Aliko Dangote, Chairman of the Dangote Group, has voiced significant concerns over the Central Bank of Nigeria’s (CBN) decision to raise the interest rate to nearly 30 percent. Speaking at the inaugural session of a three-day summit organized by the Manufacturers Association of Nigeria (MAN) at the Banquet Hall of the State House in Abuja, Dangote warned that the current interest rate environment could severely hinder job creation and economic growth.

“Nobody can create jobs with an interest rate of 30%. No growth will happen,” Dangote emphasized.

He urged the Nigerian government to take cues from leading countries in the West and the East, which actively protect their domestic industries. According to Dangote, reliance on imports equates to “importing poverty and exporting jobs.” He stressed that without affordable financing, there can be no growth or prosperity.

“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,” Dangote stated.

He further highlighted the negative consequences of neglecting these economic principles, pointing out that ignoring the need for protective measures and affordable financing contributes to insecurity, banditry, kidnapping, and abject poverty in the country.

Dangote’s remarks underscore the pressing need for a conducive economic environment that supports established companies and promotes industrial growth, urging the Nigerian government to re-evaluate its monetary policies for the betterment of the nation’s economy.

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