Chairman of the Dangote Group, Aliko Dangote, has criticised the hike of interest rate to almost 30 per cent by the Central Bank of Nigeria (CBN).

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.



He added that it would also be tough for the manufacturing industry to grow and compete favorably.

Dangote, who also called for new policies that will protect domestic industries, said, “Nobody can create jobs with an interest rate of 30%. No growth will happen.”

He also called on the government to protect existing businesses in the country, especially manufacturers, by providing an enabling environment for them to thrive.

According to him, “We must look to leading countries in the West and the East who are actively protecting their domestic industries.”

Africa’s richest man further likened an import-dependence to poverty importation.

“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,” he said.

https://dailytrust.com/breaking-dangote-rejects-cbns-interest-rate-asks-fg-to-protect-existing-businesses/

Cbn trial by error, everyone both those for and those against go hear am. Nigeria we hail thee.

High interest rates are the correct policy. Leave CBN alone.

Is this not lawlessness taking over?

Always in the news for cho cho cho, when are we seeing his petrol or has he postponed it as usual?

Seun:
High interest rates are the correct policy. Leave CBN alone.

It's not working. Why is CBN repeating the same thing over and over again but the inflation rate is not responding to the measure?

It's clearly not the solution at this time. While raising interest rate is usually an effective monetary tool to control inflation in an ideal economy, Nigeria is not an ideal economy at this time.

Patch patch CV of Cardoso.
The illegitimate president continues to ruin Nigeria

Imagine

Increased high interest rate is the standard practice to controlling increased inflation. Dangote wants to have everything easy, recently made a complaint about marketers being given lincences to import "dirty" diesel. He wanted NNPC to direct all marketers to buy solely from him despite the high cost which is also contributing to inflation.

Seun:
High interest rates are the correct policy. Leave CBN alone.

who takes loan to buy consumer goods? Be supporting calamity. I can see your forum has been sold to highest bidder.
The way MANNABBQGRÎLLS insults people in advance with signature (swines) and get away with it yet himself can argue with other says it all.

All this tax because you want to buy a jet. Companies are closing down you can't look for ways to keep them running so that people won't be laid off. Well your son will never work as long as he lives in this earth so you can never be affected.

PressMyButton:
Increased high interest rate is the standard practice to controlling increased inflation. Dangote wants to have everything easy, recently made a complaint about marketers being given lincences to import "dirty" diesel. He wanted NNPC to direct all marketers to buy solely from him despite the high cost which is also contributing to inflation.

who is he about to take a loan from locally that we can say is making him reject higher interests?
Some people are very daft. I zwear.

PressMyButton:
Increased high interest rate is the standard practice to controlling increased inflation. Dangote wants to have everything easy, recently made a complaint about marketers being given lincences to import "dirty" diesel. He wanted NNPC to direct all marketers to buy solely from him despite the high cost which is also contributing to inflation.

Dangote is the highest employer in Nigeria after FG when this kind of person talk listen.

Seun:
High interest rates are the correct policy. Leave CBN alone.

How are they correct? You said nothing.
Dangote a business man that owns industries is telling you how high interest rate affects businesses.

hilertali:

It's not working. Why is CBN repeating the same thing over and over again but the inflation rate is not responding to the measure?

It's clearly not the solution at this time. While raising interest rate is usually an effective monetary tool to control inflation in an ideal economy, Nigeria is not an ideal economy at this time.

Thank you. Nigerians spend 60% of income on feeding on average, can interest rate influence someone trying to put unbalanced diet in stomach from eating? That tell any sensible person they will always spend and even do crime just to eat and stay alive. God don't forgive dead folks. The alive he forgives.
These people are shockingly daft.

PressMyButton:
Increased high interest rate is the standard practice to controlling increased inflation. Dangote wants to have everything easy, recently made a complaint about marketers being given lincences to import "dirty" diesel. He wanted NNPC to direct all marketers to buy solely from him despite the high cost which is also contributing to inflation.

is spending 60% on feed a standard life? Anyone who does that will spend 95% if they have to. That will keep spending rate even relatively higher since inflation persists. The failed to take agric, security and food serious and dont want to hear the truth they can't implement.

PressMyButton:
Increased high interest rate is the standard practice to controlling increased inflation.

Ever heard about cost push inflation? CBN has increased interest rates many times in the last 9 months but inflation continue to rise. They should make interest rate 100% na.

Seun:
High interest rates are the correct policy. Leave CBN alone.

Mr. Seun, please shed more light on why you think that high interest rates are the correct policy.

The CBN is using it to fight inflation, once inflation stabilize and start falling, the CBN will start reducing the interest rate

PressMyButton:
Increased high interest rate is the standard practice to controlling increased inflation. Dangote wants to have everything easy, recently made a complaint about marketers being given lincences to import "dirty" diesel. He wanted NNPC to direct all marketers to buy solely from him despite the high cost which is also contributing to inflation.

You guys just hate anything good and attack it or maybe it is just ignorance. Mention a single economy in the world where interest rate is 30% and the economy is booming?

Even Dangote has come out against FG.

Most small businesses in Nigeria are in the informal sector, most are not even credit driven.

The garri producer is not borrowing, cost of production has increased as a result of subsidy removal and exchange rate. If you increase interest rate to 30%, it will not make the price of garri to reduce. Interest rates have been increased many times and price of garri continues to rise.

The big and medium companies that depend on credit to run their businesses will be discouraged to borrow, which slows down economic growth.

At the end, nothing is solved. Inflation remains high and economy of the country slows down.

Seun:
High interest rates are the correct policy. Leave CBN alone.

you and your mods are doing nothing while your forum goes under.

Your report button is a big joke

Kaycee9242:
Always in the news for cho cho cho, when are we seeing his petrol or has he postponed it as usual?

Did he build the refinery with your money? He can decide whatever he wishes, tell your people to be useful to Nigeria too.

Seun:
High interest rates are the correct policy. Leave CBN alone.

Real.Madriid is expanding their new stadium with.loans at 2.5% per year

https://www.google.com/amp/s/www.thesun.co.uk/sport/27117454/final-cost-new-bernabeu-revealed-real-madrid/amp/


The loans would create jobs in comsteuction amd engoneerimg and.building sectors and the expanded stadium would have more jobs like service attendants, janitors etc

Interest rates in Nigeria are too high. Low interest loans help expand rhe economy and create jobs

PressMyButton:
Increased high interest rate is the standard practice to controlling increased inflation. Dangote wants to have everything easy, recently made a complaint about marketers being given lincences to import "dirty" diesel. He wanted NNPC to direct all marketers to buy solely from him despite the high cost which is also contributing to inflation.

Suddenly you guys are attacking Dangote😂.

You must be Ebow

Paraman:
The CBN is using it to fight inflation, once inflation stabilize and start falling, the CBN will start reducing the interest rate

Fighting which inflation?

So you guys have finally agreed there's inflation?

CBN is reeling from the pressure of a failed economy.

Abusive monetary policies over the years have steamed the economy to a halt with very incompetent group of bandits at the helm of affairs.

I am not taken aback by the balabuish government anyways

Seun:
High interest rates are the correct policy. Leave CBN alone.

Both those high interest rates have not moved the needle one bit in terms of stemming inflation?

Seun:
High interest rates are the correct policy. Leave CBN alone.

This is not true a lot of companies will either close down, file for bankruptcy or be taken over by banks very soon because of high interest rates and high loan payback amounts.

Seun:
High interest rates are the correct policy. Leave CBN alone.

correct if they work
Are they working.

IT is not a religion
We must look at reality on ground
If it is working fine if it needs time how much time before we say it us not working

That is the rational way

What business can borrow at 30% and make profit