Aliko Dangote, Chairman of the Dangote Group, has raised serious concerns over the Central Bank of Nigeria’s (CBN) recent decision to increase the interest rate to nearly 30 percent.
Dangote voiced his apprehensions during a summit organized by the Manufacturers Association of Nigeria (MAN) at the State House in Abuja on Tuesday, July 2, 2024.
Dangote warned that the elevated interest rate could hinder economic growth and job creation. “Nobody can create jobs with an interest rate of 30%. No growth will happen,” he stated.
Emphasizing the importance of protecting domestic industries, Dangote noted, “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.”
He also linked the lack of industrialization to broader social issues, stating, “There is no industrialization without protection. Ignoring these facts is what gives rise to insecurity, banditry, kidnapping, and abject poverty.”
Dangote’s comments reflect widespread concerns among Nigerian manufacturers and business leaders about the potential negative impacts of high interest rates on the nation’s economy.
