Aliko Dangote, Chairman and CEO of the Dangote Group, on Tuesday, vehemently criticized the Central Bank of Nigeria’s (CBN) recent decision to raise interest rates to nearly 30%.
Speaking at the Manufacturers Association of Nigeria (MAN) summit in Abuja, Dangote cautioned that the exorbitant rate would suffocate businesses and hinder job creation.
“The current interest rate is unsustainable for businesses,” Dangote emphasized. “With an interest rate of 30%, no one can create jobs. No growth will happen.” His remarks underscore the concerns of Nigeria’s manufacturing sector, which is already grappling with numerous challenges.
