Businessman Aliko Dangote yesterday highlighted a major impediment to job creation and speedy economic growth in the country.
He said the high interest rate can discourage investment and hamper economic growth.
Dangote, President of the Dangote Industries Limited, warned that the 26.25% interest rate fixed by the Central Bank of Nigeria (CBN) will incapacitate the manufacturing sector and make it more difficult for the economy to grow.
The eminent businessman delivered a keynote address at the opening of a three-day
National Manufacturing Policy Summit organised by the Manufacturers Association of Nigeria (MAN) at the State House Conference Centre, Abuja,
At the conference, Vice President Kashim Shettima, who chairs the National Economic Council (NEC), reiterated the Federal Government’s determination to team up with MAN to fashion out an actionable roadmap and policy framework for the sector. In May, the CBN raised the interest rate from 24.75 per cent to 26. 25 per cent.
Dangote said businesses cannot not cope with the current rate, adding: “Nobody can create jobs with an interest rate of 30%. No growth will happen.”
