Aliko Dangote, Chairman of the Dangote Group, has criticized the Central Bank of Nigeria’s (CBN) decision to raise interest rates to nearly 30%. He made his remarks at the opening session of a three-day summit organized by the Manufacturers Association of Nigeria (MAN) at the State House in Abuja on Tuesday.
Dangote argued that the high interest rates make it difficult for businesses to grow and create jobs.
“Nobody can create jobs with an interest rate of 30%. No growth will happen under these conditions,” Dangote said.
Dangote also called on the federal government to support local businesses, especially in the manufacturing sector.
“We need new policies to protect domestic industries and create an environment where businesses can thrive,” he urged.
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According to Dangote, successful countries in the West and East protect their own industries, and Nigeria should follow their example.
“We must look to leading countries who are actively protecting their domestic industries,” he said.
Dangote compared Nigeria’s reliance on imports to importing poverty and exporting jobs.
“Import dependence is equivalent to importing poverty and exporting jobs. No power, no growth, no prosperity. Similarly, no affordable financing, no growth, no prosperity,” he stated.
He argued that without the right conditions for growth, Nigeria faces severe issues like insecurity and poverty.
“Ignoring these facts leads to insecurity, banditry, kidnapping, and abject poverty,” Dangote warned.