Naija: Dangote kicks against CBN’s 30% Interest Rate Hike, Warns of Stifled Growth

Aliko Dangote, the President of the Dangote Group and Africa’s richest man, has strongly criticized the Central Bank of Nigeria’s (CBN) decision to raise interest rates to nearly 30 percent. 

Dangote argues that these high interest rates are stifling economic growth and job creation in Nigeria.

In a speech at the Nigeria Manufacturers’ Summit in Abuja, Dangote stated that “Nobody can create jobs with an interest rate of 30 per cent. No growth will happen.” He emphasized that an import-dependent economy is equivalent to “importing poverty and exporting jobs”.

Dangote urged the government to rethink its approach to manufacturing and industrial policy. He called for policies that protect domestic industries and nurture them into indigenous champions capable of generating jobs and fostering prosperity.

The business magnate pointed out that leading countries in the West and East actively protect their domestic industries, and Nigeria should follow suit.

He cited the example of Nigeria’s cement industry, which has become one of the most competitive in the world due to strategic government policies and support

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

He emphasized that the fundamental role of the government should be not only to promote investments and attract investors in manufacturing but also to ensure that these investments are nurtured and protected to facilitate growth and sustainability

Dangote’s strong criticism of the CBN’s interest rate hike highlights the urgent need for the government to rethink its policies and support the manufacturing sector to drive economic growth and job creation in Nigeria.