Chairman of the Dangote Group Aliko Dangote has criticised the hike of interest rate to almost 30% by the CBN.

Speaking at a 3-day summit organised by the Manufacturers Association of Nigeria on Tuesday he said 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 & compete favorably.

He also called for new policies that will protect domestic industries said, “Nobody can create jobs with an interest rate of 30%. No growth will happen.” He also called on the government to protect existing businesses in the country especially manufacturers, by providing an enabling environment for them to thrive.

According to him, “We must look to leading countries in the West & the East who are actively protecting their domestic industries.” Africa’s richest man further likened an import-dependence to poverty importation. “Import dependence is equivalent to importing poverty & exporting jobs. No power, no growth, no prosperity.

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