By By Habeeb Ibrahim
Aliko Dangote, Chairman of the Dangote Group, is at odds with the Central Bank of Nigeria (CBN) over its decision to raise the interest rate to nearly 30 percent. Dangote believes this move will stifle job creation and economic growth.
Dangote’s grievances with the CBN’s policy include: High interest rate, Lack of government support, Import dependence, Need for affordable financing, Industrialization.
Speaking at the inaugural session of a three-day summit hosted by the Manufacturers Association of Nigeria (MAN) in Abuja, Dangote emphasized that “Nobody can create jobs with an interest rate of 30%. No growth will happen.”
He urged the government to support established companies, citing examples from Western and Eastern countries that protect their domestic industries. “We must look to leading countries in the West and the East who are actively protecting their domestic industries,” he said.
Dangote also warned that import dependence leads to poverty and job losses, while affordable financing is crucial for growth and prosperity. “Import dependence is equivalent to importing poverty and exporting jobs. No power, no growth, no prosperity. Similarly, no affordable financing, no growth, no prosperity,” he said.
He emphasized the importance of protection for industrialization, stating, “There is no industrialization without protection.” Ignoring these facts, he warned, leads to insecurity, banditry, kidnapping, and abject poverty.
Dangote’s remarks highlight the concerns of manufacturers and entrepreneurs in Nigeria, who face challenges in accessing affordable credit and competing with imported goods.
