Dangote faults CBN’s interest rate, asks FG to protect existing businesses

Chairman of the Dangote Group, Aliko Dangote, has criticised the hike of interest rate to almost 30 per cent by the Central Bank of Nigeria (CBN).

Speaking at the Banquet Hall of the State House, Abuja, during the opening session of a three-day summit organised by the Manufacturers Association of Nigeria (MAN), on Tuesday, he said with the present interest rate regime, it will be difficult to create jobs.

He added that it would also be tough for the manufacturing industry to grow and compete favorably.

Dangote, who also called for new policies that will protect domestic industries, said, “Nobody can create jobs with an interest rate of 30%. No growth will happen.”

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

According to him, “We must look to leading countries in the West and the East who are actively protecting their domestic industries.”

Africa’s richest man further likened an import-dependence  to poverty importation.

“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,” he said.

At its last Monetary Policy Committee (MPC) meeting, CBN agreed to increase the Monetary Policy Rate(MPR) for the third straight time from 24.75 per cent to 26. 25 per cent.