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Dangote Faults CBN’s 26% Interest Rate

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Africa’s richest man cum Chairman and Chief Executive of the Dangote Group, Aliko Dangote, has expressed his complete disapproval of the latest increment of interest rate to 26. 25 per cent by the Central Bank of Nigeria (CBN).

Dangote noted that it will be difficult to create  jobs for unemployed Nigerians with an interest rate of almost 30%.

Speaking at the opening session of a three-day summit Organised by the Manufacturers Association of Nigeria (MAN)  at the Banquet Hall of the State House, Abuja, on Tuesday, Dangote emphatically stated that businesses could not cope with the current rate.

The Monetary Policy Committee (MPC) of the CBN agreed in May to increase the Monetary Policy Rate (MPR) for the third straight time from 24.75 per cent to 26. 25 per cent.

Addressing the audience during the manufacturer’s summit, Dangote declared:“Nobody can create jobs with an interest rate of 30%. No growth will happen.”

He urged the government to protect existing businesses in the country, especially manufacturers by providing an enabling environment for them to thrive.

Dangote noted that an import-dependence country is equivalent to poverty importation, positing :“No Power, no prosperity. No affordable financing, no growth, no development.”

He noted that for the government to address the challenges of unemployment, poverty and insecurity,  the manufacturing sector must be empowered to function optimally.

In his remarks, the President of MAN, Otunba Francis Meshioye said over seventy manufacturers have exited the sector between 2019 and 2022.

He stated that government policies and attitude were responsible for the low performance of the manufacturing sector in the country.

He urged the government to rethink a way to support manufacturers, to achieve the agenda of the current government.

The event was graced by Vice President Kashim Shettima and other government officials.

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