Nobody Can Create Jobs With 30% Interest Rate
Dangote Turns Down CBN’s Interest Rate, Urges Government to Support Established Companied.
Aliko Dangote, the Chairman of the Dangote Group, has expressed concern over the Central Bank of Nigeria’s decision to raise the interest rate to nearly 30 percent.
Addressing attendees at the Banquet Hall of the State House in Abuja, during the inaugural session of a three-day summit hosted by the Manufacturers Association of Nigeria (MAN), he conveyed his concern, stating that the current interest rate environment may pose challenges in job creation.
Dangote said, “Nobody can create jobs with an interest rate of 30%. No growth will happen.”
He called on federal government to actively protect domestic industries.
“We must look to leading countries in the West and the East who are actively protecting their domestic industries.” Said, Aliko Dangote.
According to Dangote, import dependence is equivalent to importing poverty and exporting jobs.
Dangote said, “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,”
