The Chairman of the Dangote Group, Aliko Dangote, has slammed the hike in interest rate to almost 30 percent by the Central Bank of Nigeria (CBN).
Speaking at the Banquet Hall of the State House, Abuja, during the opening session of a three-day summit organised by the Manufacturers Association of Nigeria (MAN), on Tuesday, he emphasized that with the present interest rate regime, it will be difficult to create jobs.
He added that it would also be tough for the manufacturing industry to grow and compete favorably.
In his words, “Nobody can create jobs with an interest rate of 30%. No growth will happen.”
Dangote further called on the government to protect existing businesses in the country, especially manufacturers, by providing an enabling environment for them to thrive.
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“We must look to leading countries in the West and the East who are actively protecting their domestic industries.
He also highlighted the disadvantages attached to total dependence on importation by a nation.
“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,” he said.
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