Aliko Dangote, the Chairman of the Dangote Group, on Tuesday, expressed his objection to the Central Bank of Nigeria’s (CBN) decision to raise interest rates to nearly 30%.
He shared his concerns about the impact of this decision on the economy at a conference organized by the Manufacturers Association of Nigeria (MAN) in Abuja.
According to him, higher interest rate would hinder economic growth, potentially create obstacles in job creation and would not facilitate growth.
“Nobody can create jobs with an interest rate of 30%. No growth will happen.
“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,” Dangote said.
