…warns it’ll make job creation a mirage
Samuel Adesola, Abuja
Chairman of the Dangote Group, Aliko Dangote, on Tuesday, decried the hike of interest rate to almost 30 per cent by the Central Bank of Nigeria.
Dangote, who spoke on Tuesday 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, said with the present interest rate regime of the apex bank, job creation would be almost impossible.
The industrialist added that the high interest rate would also make it tough for the manufacturing industry to grow and compete favourably.
Recall that, CBN at its last Monetary Policy Committee meeting, agreed to increase the Monetary Policy Rate(MPR) for the third straight time from 24.75 per cent to 26. 25 per cent.
But while advocating new policies that will protect domestic industries, Dangote said, “Nobody can create jobs with an interest rate of 30%. No growth will happen.”
He therefore urged the government to protect existing businesses in the country, especially manufacturers, by providing an enabling environment for them to thrive.
“We must look to leading countries in the West and the East who are actively protecting their domestic industries,” he said.
He further stated that import-dependence is akin to poverty importation, adding, “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.”
