The chairman of Dangote Group, Aliko Dangote, has criticised the Central Bank of Nigeria (CBN) for raising interest rates to nearly 30%.
He argued that such high rates make it hard to create jobs and for industries, especially manufacturing, to grow and compete well.
Dangote spoke on Tuesday at a summit organised by the Manufacturers Association of Nigeria (MAN) in Abuja, where he urged the Nigerian government to protect local businesses and implement policies that support them.
He maintained that high interest rates of 30% hinder job creation and economic growth, calling for measures to safeguard Nigerian industries.
The billionaire business mogul warned against relying too much on imports, which he likened to importing poverty and exporting jobs.
Recently, the CBN increased the Monetary Policy Rate (MPR) to 26.25%, marking the third consecutive rise in interest rates.
“Nobody can create jobs with an interest rate of 30%. No growth will happen.
“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 industrialisation without protection Ignoring these facts, is what gives rise to insecurity, banditry, kidnapping and abject poverty,” he said.
Dangote’s remarks raise concerns over how these policies could affect Nigeria’s economic development, as he urges for a more supportive environment for local industries to thrive.