‘No growth will happen’ – Dangote kicks against CBN’s interest rate

Aliko Dangote, the chairman of the Dangote Group, has voiced concerns about the Central Bank of Nigeria’s (CBN) intention to hike interest rates to almost thirty percent.

The business magnate voiced his thoughts on Tuesday at the State House in Abuja during a summit organised by the Manufacturers Association of Nigeria, MAN.

According to Dangote, there won’t be any growth with the new interest rate, and it might even make it more difficult to create jobs.

“Nobody can create jobs with an interest rate of 30%. No growth will happen,” he said.

“We must look to leading countries in the West and the East who are actively protecting their domestic industries.

“Import dependence is equivalent to importing poverty and exporting jobs. 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.”

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