Chairman of the Dangote Group, Aliko Dangote, has expressed concern over the Central Bank of Nigeria’s (CBN) decision to increase interest rates to nearly 30 percent.
The business tycoon expressed his views at a summit organised by the Manufacturers Association of Nigeria (MAN) at the State House, Abuja on Tuesday.
Dangote said the new interest rates would eliminate growth and could pose challenges to job creation.
“You can’t create jobs with interest rates at 30 percent. Growth isn’t going to happen,” he said.
“We need to look at major countries in the West and the East that are actively protecting their domestic industries.
“Import dependency is tantamount to importing poverty and exporting jobs. Without power, there can be no growth and no prosperity. Similarly, without affordable finance, there can be no growth and no prosperity.”
“Without protection there can be no industrialization. Ignoring these facts breeds insecurity, robbery, kidnapping and extreme poverty.”