Dangote Decries CBN 30% Interest Rate, Says It Stifles Business Growth And Job Creation

President of Dangote Industries Limited, Aliko Dangote, has criticised the current Central Bank of Nigeria’s interest rate of 30%, warning that such a policy would stifle business growth and job creation.

Dangote disclosed this on Tuesday during a keynote speech at a three-day Nigeria Manufacturers Summit at the Banquet Hall, State House, Abuja, themed “Rethinking Manufacturing in Nigeria”.

The African richest man said to prevent foreign investors from leaving the country in droves and attract new ones, the federal government must implement “deliberate” industrial policies that boost investors’ confidence.

He added that foreign investors and manufacturers would only be attracted if the local investors were doing well.

If interest rate is 30% there won’t be any job creation because we are actually stippling growth so interest rate can remain 30 but then no growth will happen unless that interest rate goes down,” Dangote said as he reiterated that manufacturing remains the key driver in the nation’s quest for economic development and self-sufficiency.

In response to Dangote’s shared view, Nigerians have also taken to social media calling for an end to the ruling All Progressives Congress (APE), with a trending hashtag #EndAPCNow.

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Mayowa Durosinmi

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Mayowa Durosinmi is a Nigerian investigative reporter for West Africa Weekly with reports focusing on politics, human rights, security and health in West Africa and the Sahel region.

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