Dangote Disapproves Increase In Interest Rate By CBN

Dangote Disapproves Increase In Interest Rate By CBN
Dangote Disapproves Increase In Interest Rate By CBN

Aliko Dangote, Chairman of Dangote Group, has voiced his disapproval of the recent interest rate increase by the Central Bank of Nigeria (CBN) to nearly 30%. He believes this move will hinder job creation and impede the growth of industries, particularly manufacturing.

Speaking at a Manufacturers Association of Nigeria (MAN) summit in Abuja, Dangote urged the government to implement policies that support local businesses and protect them from the adverse effects of high interest rates.

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He emphasized that relying heavily on imports would lead to economic stagnation, likening it to “importing poverty and exporting jobs.” Instead, he advocated for measures to safeguard Nigerian industries, drawing inspiration from Western and Eastern countries that prioritize domestic industry protection.

Dangote’s concerns highlight the potential impact of these policies on Nigeria’s economic development, emphasizing the need for a more supportive environment for local industries to flourish.

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