Chairman and Chief Executive Officer of Dangote Group, Aliko Dangote, has criticised the latest hike of interest rate to almost 30 per cent by the Central Bank of Nigeria (CBN).
At the opening session of a three-day summit Organised by the Manufacturers Association of Nigeria (MAN) at the Banquet Hall of the State House, Abuja, on Tuesday, Dangote said businesses could not cope with the current rate.
In May, following a two-day meeting, CBN’s Monetary Policy Committee (MPC) agreed to increase the Monetary Policy Rate (MPR) from 24.75 per cent to 26.25 per cent.
Dangote noted that “Nobody can create jobs with an interest rate of (about) 30%. No growth will happen.”
He also called on the government to protect existing businesses in the country, especially manufacturers by providing an enabling environment for them to thrive.
According to him, an import-dependence country is equivalent to poverty importation.
“No power, no prosperity. No affordable financing, no growth, no development,” he explained.
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