DANGOTE CRITICIZES CBN’S LATEST 30% INCREMENT IN INTEREST RATE
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Aliko Dangote, the chairman and CEO of the Dangote Group, has criticized the Central Bank of Nigeria (CBN) for its most recent interest rate increase, which brought it to nearly 30%.
Dangote said businesses could not keep up with the present rate while addressing the crowd on Tuesday at the banquet hall of the State House in Abuja, during the opening session of a three-day summit organized by the Manufacturers Association of Nigeria (MAN).
The Monetary Policy Committee (MPC) of the CBN decided to raise the MPR from 24.75 percent to 26.25 percent in May, marking the third consecutive hike, after a two-day meeting.
“The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 295th meeting on the 20th and 21st of May 2024 to review recent economic and financial developments and assess risks to the outlook.
“Decisions of the MPC. The committee’s decisions are as follows: 1. Raise the MPR by 150 basis points to 26. 25 per cent from 24.75 per cent,” CBN Governor, Yemi Cardoso who is also the MPC chairman said.
However, while speaking during the manufacturer’s summit on Tuesday, Dangote noted that “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, an import-dependence country is equivalent to poverty importation.
“No Power, no prosperity. No affordable financing, no growth, no development,” he explained.
Dangote stated that the manufacturing sector needs to be given the tools it needs to operate at its best so that the government can address the issues of unemployment, poverty, and insecurity.
The MAN also attacked government attitudes and policies, claiming they were to blame for the nation’s industrial sector’s poor performance.
Vice President Kashim Shettima, along with other government representatives, attended the ceremony.
MAN President Otunba Francis Meshioye stated in his speech that between 2019 and 2022, more than 70 manufacturers will have left the industry.
In order to further the goals of the current administration, he added, it was necessary to assess the situation and reconsider how to assist industrial companies.
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