“Nobody Can Create Jobs With An Interest Rate Of 30%”- Dangote Turns Down CBN’s Interest Rate

“Nobody Can Create Jobs With An Interest Rate Of 30%”- Dangote Turns Down CBN’s Interest Rate

Written By Oshiobugie John

Aliko Dangote, the Chairman of the Dangote Group, has voiced strong concerns over the Central Bank of Nigeria’s decision to raise the interest rate to nearly 30 percent.

Speaking at the Banquet Hall of the State House in Abuja during the inaugural session of a three-day summit hosted by the Manufacturers Association of Nigeria (MAN), Dangote highlighted the adverse effects of the high interest rate on job creation and economic growth.

“Nobody can create jobs with an interest rate of 30%. No growth will happen,” Dangote stated, emphasizing the need for more supportive financial policies to foster industrialization and economic development.

He continued, “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.”