Aliko Dangote, Chairman of the Dangote Group, took a decisive stand against the Central Bank of Nigeria’s (CBN) recent decision to elevate the interest rate to a staggering 30 percent.
Speaking during the inaugural session of a three-day summit organized by the Manufacturers Association of Nigeria (MAN), Dangote highlighted the severe repercussions of such an economic move on job creation and industrial growth.
“Nobody can create jobs with an interest rate of 30%. No growth will happen,” Dangote declared to a captivated audience of industry leaders and government officials. His statement underscored the urgency of re-evaluating financial policies that could stifle economic progress and deter potential investments.
The summit, a critical gathering aimed at addressing the challenges facing Nigeria’s manufacturing sector, provided a platform for Dangote to emphasize the importance of supportive government policies in fostering a thriving industrial environment.
Drawing parallels with leading economies in the West and the East, he stressed the necessity of protecting domestic industries to achieve sustainable growth.
“We must look to leading countries in the West and the East who are actively protecting their domestic industries,” Dangote asserted.
He argued that an over-reliance on imports not only undermines local production but also exacerbates poverty and unemployment. “Import dependence is equivalent to importing poverty and exporting jobs,” he added, self-sufficiency is crucial for national prosperity.
Dangote’s critique extended beyond monetary policy to encompass broader socio-economic issues. He linked the lack of affordable financing to widespread problems such as insecurity and poverty.
“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,” he warned.
