Nobody can create jobs with an interest rate of 30%,Dangote Tells CBN.

The Chairman of the Dangote Group,Aliko Dangote, has rejected CBN's Interest rate, says “Nobody can create jobs with an interest rate of 30%. No growth will happen.”

Dangote expressed concern over the Central Bank of Nigeria's decision to raise the interest rate to nearly 30 percent during a three-day summit organised by the Manufacturers Association of Nigeria (MAN) in Abuja.

In May, the monetary policy committee (MPC) of CBN raised interest rates from 24.75 percent to 26.25 percent

While speaking 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.

The business tycoon said he understands that the CBN aims to tame inflation by increasing interest rate.“Right now, at 30 percent, there is no way anybody can create jobs. If the interest rate is 30 percent, there would not be any job creation because we are actually stifling growth,” he said.

“So, interest rates can remain at 30 percent but then no growth will happen unless that interest rate goes down.”

“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

He also added that Dangote Cement alone paid “more taxes” into the coffers of the government “than the entire banking industry” in 2023.

He reiterated that Nigeria has all it takes to develop and sustain a globally competitive manufacturing sector.