Aliko Dangote, Chairman and CEO of the Dangote Group, has criticized the Central Bank of Nigeria’s (CBN) recent decision to raise the interest rate to 26.25%, stating that it will hinder businesses and economic growth. Speaking at a manufacturers’ summit in Abuja, Dangote emphasized that high interest rates make it impossible to create jobs and stimulate growth.
He urged the government to protect and support existing businesses, particularly manufacturers, by providing an enabling environment for them to thrive. Dangote stressed that import dependence is equivalent to poverty importation and that affordable financing is essential for growth and development.
The Manufacturers Association of Nigeria (MAN) also expressed concerns about government policies and attitudes, which they believe have contributed to the sector’s poor performance. Over 70 manufacturers have exited the sector between 2019 and 2022, according to MAN President Otunba Francis Meshioye. Vice President Kashim Shettima and other government officials attended the event.
