The Chairman of the Dangote Group, Aliko Dangote, has expressed displeasure over the decision of the Central Bank of Nigeria (CBN) to raise the interest rate to nearly 30 per cent.
Speaking 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.
“Nobody can create jobs with an interest rate of 30%. No growth will happen,” he said.
“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.”
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