Aliko Dangote, Chairman of the Dangote Group, criticized the Central Bank of Nigeria’s (CBN) decision to raise the interest rate to nearly 30% during a summit organized by the Manufacturers Association of Nigeria in Abuja.
He argued that the current interest rate regime hinders job creation and growth in the manufacturing sector.
Dangote called for new policies to protect domestic industries, stating, “Nobody can create jobs with an interest rate of 30%. No growth will happen.”
He urged the government to create an enabling environment for existing businesses, emphasizing the need to look to Western and Eastern countries that actively protect their industries.
He also highlighted the dangers of import dependence, equating it to “importing poverty and exporting jobs.” Dangote stressed that affordable financing and industry protection are essential for industrialization, warning that neglecting these factors leads to insecurity and poverty.