You are just importing poverty and hindering growth – Dangote criticizes CBN for raising interest rates to 30%

Dangote Group Chairman Aliko Dangote has criticized the Central Financial institution of Nigeria (CBN) for elevating rates of interest to almost 30%.

Talking on the opening ceremony of the three-day summit organized by the Producers Affiliation of Nigeria (MAN) on Tuesday, July 2, on the State Home Banquet Corridor, Abuja, Dangote expressed his concern over the influence of the present rate of interest regime on the economic system. fear.

On the central financial institution’s newest Financial Coverage Committee (MPC) assembly, the Financial Coverage Price (MPR) was raised for the third consecutive time, from 24.75% to 26.25%.

“Nobody can create jobs at 30% rates of interest. There can be no development.” He additionally referred to as for brand spanking new insurance policies to guard home industries and urged the federal government to supply an enabling surroundings for current companies, particularly producers, to thrive.

He added;

“We should be taught from the main international locations within the West and East that actively shield home industries. Import dependence is equal to importing poverty and exporting jobs. With out energy, there is no such thing as a development and no prosperity. Likewise, with out inexpensive financing, there is no such thing as a development , there is no such thing as a prosperity, and there’s no industrialization with out safety.