Dangote Group Chairman, Aliko Dangote, has criticised the Central Bank of Nigeria’s (CBN) interest rate hike to nearly 30 per cent.
Abuja said in a speech at the Banquet Hall of the House of Representatives in Abuja during the opening session of a three-day summit organised by the Nigerian Manufacturers Association on Tuesday that with the current interest rate regime, it would be difficult to create jobs.
He added that it will also be difficult for the manufacturing industry to grow and be able to compete positively.
“Nobody can create jobs at 30% interest rate. There will be no growth,” said Dangote, who also called for new policies that would protect local industries.
He also called on the government to protect existing businesses in the country, especially manufacturers, by providing the right environment for them to flourish.
“We should look to leading countries in the West and East that are actively protecting their domestic industries,” he said.
Africa’s richest man likened dependence on imports to importing poverty.
“Depending on imports is tantamount to importing poverty and exporting jobs. Without energy, there is no growth, no prosperity. Similarly, without affordable finance, there is no growth, no prosperity. And there is no industry without protection. Ignoring these facts is what leads to insecurity, banditry, kidnapping and abject poverty,” he said.
At its latest Monetary Policy Committee (MPC) meeting, the Central Bank of Nigeria (CBN) approved a third consecutive increase in the monetary policy rate from 24.75 percent to 26.25 percent.