Dangote Refinery Begins Gasoil Exports To West African Countries, As Imports From Europe Decline

Aliko Dangote, Chairman of the Dangote Group, strongly criticized the Central Bank of Nigeria (CBN) for increasing the interest rate to nearly 30% during his speech at a summit organized by the Manufacturers Association of Nigeria (MAN) in Abuja.

He emphasized that such a high interest rate regime would hinder job creation and stifle growth in the manufacturing sector.

Dangote highlighted the need for new policies to protect domestic industries, asserting that without adequate protection, Nigeria risks importing poverty while exporting jobs.

He urged the government to emulate leading economies that safeguard their industries through supportive policies.

Regarding the recent hike in the Monetary Policy Rate (MPR) by the CBN, Dangote expressed concern over its potential impact on industrialization and overall economic prosperity.

He stated that without affordable financing and a conducive business environment, achieving sustainable growth becomes challenging.