Dangote Rejects CBN’s Interest Rate Hike, Urges Government to Protect Existing Businesses

Aliko Dangote, Chairman of the Dangote Group, has openly criticized the recent interest rate hike by the Central Bank of Nigeria (CBN), which has nearly reached 30 percent. Speaking at the Banquet Hall of the State House in Abuja during the opening session of a three-day summit organized by the Manufacturers Association of Nigeria (MAN), Dangote warned that such a high interest rate would stifle job creation and hinder the growth of the manufacturing sector.

Dangote emphasized the need for the government to implement policies that protect domestic industries. “Nobody can create jobs with an interest rate of 30%. No growth will happen,” he asserted.

Calling on the government to create an enabling environment for businesses, particularly manufacturers, Dangote highlighted the importance of protecting local industries. “We must look to leading countries in the West and the East who are actively protecting their domestic industries,” he said.

Africa’s richest man drew a parallel between import dependence and the importation of poverty, stressing the adverse effects on the nation’s economy. “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 leads to insecurity, banditry, kidnapping, and abject poverty,” Dangote warned.

This criticism comes in the wake of the CBN’s recent decision at its last Monetary Policy Committee (MPC) meeting to increase the Monetary Policy Rate (MPR) for the third consecutive time, from 24.75 percent to 26.25 percent.