30% Interest Rate by CBN will not provide Employment – Dangote

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Alhaji Aliko Dangote, President of the Dangote Group has turned down the Central Bank of Nigeria (CBN) Interest Rate fixed at 30%, urging government to support Established Companies.

Dangote says “Nobody can create jobs with an interest rate of 30%. No growth will happen.”

Addressing attendees at the Banquet Hall of the State House in Abuja, during the inaugural session of a three-day summit hosted by the Manufacturers Association of Nigeria (MAN), he conveyed his concern, stating that the current interest rate environment may pose challenges in job creation.

He said, “Nobody can create jobs with an interest rate of 30%. No growth will happen. We must look to leading countries in the West and the East who are actively protecting their domestic industries.

“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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