Mohammed Shosanya
Chairman of the Dangote Group, Aliko Dangote, has faulted the hike of interest rate to almost 30 per cent by the Central Bank of Nigeria (CBN).
He spoke at the Banquet Hall of the State House, Abuja, during the opening session of a three-day summit organised by the Manufacturers Association of Nigeria (MAN), on Tuesday.
He said with the present interest rate regime, it will be difficult to create jobs,adding that it would also be tough for the manufacturing industry to grow and compete favorably.
“Nobody can create jobs with an interest rate of 30%. No growth will happen”,he said.
Dangote,who advocated the need for new policies that will protect domestic industries,also called on the government to protect existing businesses in the country, especially manufacturers, by providing an enabling environment for them to thrive.
He said:“We must look to leading countries in the West and the East who are actively protecting their domestic industries.”
He further likened an import-dependence to poverty importation.
He added:“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”.
