Dangote warns of economic stagnation with 30% interest rate

• Dangote noted that no growth will happen

Aliko Dangote, the Chairman of the Dangote Group, expressed his strong objection to the Central Bank of Nigeria’s (CBN) recent decision to raise interest rates to nearly 30%.

He shared his concerns about the impact of this decision on the economy at a conference organized by the Manufacturers Association of Nigeria (MAN) in Abuja on Tuesday.

Dangote argued that the higher interest rate would hinder economic growth and potentially create obstacles in job creation.

He emphasized that the new rate would not facilitate growth.

The business tycoon’s remarks were made at a gathering at the State House in Abuja.

Dangote’s comments reflect his concerns about the impact of the interest rate hike on the business sector.

“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.”