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Nairaland Forum / Nairaland / General / Business / Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN (15585 Views)
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Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by tnerro1(m): 9:09am On Jul 03 |
Patch patch somebody |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Lithiumite: 9:15am On Jul 03 |
Realtruth2023: I laugh at your claim that govt heist started with APC ...I was foolish not to realise I was engaging a propaganda bot....bloody waste of time |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by SmartyPants(m): 9:18am On Jul 03 |
Realtruth2023: What does admitting Tinubu has caused pains have to do with the question of why people don't rate Peter Obi's loquacious behaviour? Mr man you are an attention seeker and I know what you're trying to do here. |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Realtruth2023: 9:20am On Jul 03 |
SmartyPants: Oga leave that grammer aside if Peter Obi's composure is anything to go by, then you don't know what loquacious as a word means. |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Realtruth2023: 9:21am On Jul 03 |
Lithiumite: Try and to read and comprehend. The heist increased in APC's time that is what I said. So quit trying to support a futile policy. It is disastrous at the moment for us, and businesses cannot survive. |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by grandstar(m): 9:35am On Jul 03 |
ufotunang: Good. Yes,higher interests will lead to strengthening of the Naira which would naturally lead to a reduction in prices 1 Like |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Remman(m): 9:43am On Jul 03 |
ceejay80s:Right, but the generation that will do that is still in primary and high school. The generation that just experienced the after effects of #Endsars protest will never embark on such a journey or its similar one again, at least for the next ten years. In ten years time, a 10year old kid would be 20years old. That's the generation that can move to the street and tear down the government. It's common psychology. |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by grandstar(m): 9:46am On Jul 03 |
ogaontop: This is the standard practice globally. Interest rates until it kills inflation. It will lead to all the adverse conditions you mentioned but it will be implemented nevertheless. That is why central banks are independent and government nor businessman can't dictate to them. The central bank will continue to raise interest rates until inflation is slain. Many times it leads to a recession but the central bank won't back down. Its when the central believes it has contained inflation before it begins to reduce interest rates. 4 Likes 2 Shares |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by grandstar(m): 9:52am On Jul 03 |
Realtruth2023: High interest rates have been used severally in the past and it worked so it's nothing new. Prior to Buhari, interest rates were always positive. 1 Like |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Realtruth2023: 10:13am On Jul 03 |
grandstar: Please tell me when high interest rates worked in Nigeria |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Laird(m): 10:13am On Jul 03 |
grandstar: You have spoken well. But also lets analyse the concept of stagflation which is predominant in Nigeria I have seen houses stay unoccupied for Months and rents still remain My dad in the 80s bought a car for 5000, he later bought a radiator for the same car for 5000 Years back a radiator for a basic saloon toyota costt 30 thousand Low long term interest rates in strategic sectors like healthcare,, housing, manufacturing would foster economic growth and business expansion and job creation and might also in my opinion help to slighly reduce inflation like if a developer is on 3% interest rate, the houses built would increase the available houses in the market and since there is a longer duration to repay, it can be less pressure Low interest rates should not apply for consumer credit The Pros are more than the cons Growthflation is better than Stagflation Low interest rates should apply to sectors like -Manufacturing -HealthCare -Producing of items that used to be manufactured overseas - Technology Substitutes that arw as good - Healthcare manufacturing - Domestic Power plants - Education and training of verified talented individuals in areas of job demand like agriculture, healthcare - Petroleum refineries . |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by jaxxy(m): 10:18am On Jul 03 |
Clueless government |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by grandstar(m): 10:40am On Jul 03 |
Laird: High inflation won't get the country anywhere. People are pissed as hell about the inflation rate and a lot of it is now down to a rather loose monetary policy. A paint of beans jumped from 9k a paint to 10k a paint in a week. There's no alternative to an higher interest rate no matter how unpalatable it will be to the business sector. 1 Like |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Sunday2021: 10:43am On Jul 03 |
englishmart:stop fooling around. If Dangote got loan at 30% you guys will be the one surfer it. Dangote must increase the price in order to get his profit. If there is any increase in interest rate its the masses that will surfer. Dangote was only speaking for you if you don't know. 1 Like |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Powersurge: 10:49am On Jul 03 |
englishmart: The question most times about Nigerians is not about skills. 99% of Nigerians are crooks. They can send your company into oblivion. I was working in a company. Most people their were masters degree holder. I was the only Bsc. However, the company always import Indians to manage it. The last one that came was a graduate trainee. He was working as an intern at the same time Manager over people with 15 years experience. It was crazy. However, these so called experienced Nigerians steal with reckless abandon. Their was a time they nearly sell a whole truck of company's goods (at a higher price pf course and share the difference. Which will be in 10s of millions). 99% of Nigerians will destroy your company. If you know the real story behind Etisalat's bankruptcy in Nigeria, you will weep. |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Ojuntana: 10:57am On Jul 03 |
englishmart:Have you considered that those foreigners are actually used to carry out money laundering and forex arbitrage? You think he's the only one doing it? You think they are not aware that those guys are dumb? |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Ojuntana: 11:05am On Jul 03 |
grandstar:To slay the inflation, you need to increase production and reduce costs so as to increase supply. The inflation is not due to demand but supply. Demand has obviously gone down in Nigeria due to high cost occasioned by naira devaluation and subsidy removal. Any other thing is just waste of time. Presently, farmers with fresh harvests are demanding double of what they demand last year for their goods. How will interest rates curb that? We need to deal with things from the root not dance around it |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Ojuntana: 11:07am On Jul 03 |
pocom16:Indians have kept his company going? That's a joke right |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Ojuntana: 11:22am On Jul 03 |
Gerrard59:I don't understand this funny comment I keep seeing that Indians are more honest than Nigerians. Like are you guys kidding me? Indians?!! If it's about honesty, Indians are a corrupt ad Nigerians. I can tell you for free that Ghanaians, Ivorians and Kenyans are less corrupt than Indians. Nigerians should cool it with the self- hate abeg. And work- ethics? You mean Indians are more hardworking than Nigerians? Indians?!! |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Ojuntana: 11:48am On Jul 03 |
NOETHNICITY:So Indians don't connive? Have you worked with Indians before? |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by dragunov: 11:53am On Jul 03 |
Lifestone: Yinmu |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by NOETHNICITY(m): 12:06pm On Jul 03 |
Ojuntana:I am not saying that we don’t have corrupt foreigners, but we are more likely find honest ones who will help you manage your business. Dangote is a business man. All he seeks are individuals who will help him grow his business. This is all that matters |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Gerrard59(m): 12:26pm On Jul 03 |
Ojuntana: ultron12345: If Indians are not corrupt, why do Nigerian businesspeople employ them to manage affairs? If you open the post by Ultron, you will find where he complained of constant theft by his Nigerian staff, even after changing employees countless times. |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Ojuntana: 12:55pm On Jul 03 |
NOETHNICITY:Lol. Indeed. So Dangote is not corrupt like other Nigerians that's why he can work with honest Indians You guys can continue deceiving yourselves |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by NOETHNICITY(m): 1:15pm On Jul 03 |
Ojuntana:When you establish your own company you can employ people from wherever you chose and you can decide to retain them if at your own expense. Until then, Dangote has the prerogative to employ whoever he chooses from wherever. Na he company not yours |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Ojuntana: 1:18pm On Jul 03 |
Gerrard59:I don't like when people start to write as if Nigerians are the worst people on earth. That's a bloody lie and you can tell your ultron guy to check himself if he is indeed saying the truth. Nigerians run most banks for example 100% and banks are even better run than these manufacturing plants. The average Nigerian is not worse than the average Indian or Chinese. I have worked in companies managed by Indian, Chinese and Pakistani and I can assure you they are not better than Nigerians in terms of honesty in terms of corrupt practices. Nigerian business owners prefer them because they have no qualms when it comes to cutting corners and sharp practices. The worst part is how they treat those who work under them. You need to experience it to understand. The part about not being corrupt is simply because they are not familiar with the environment enough to steal. But I can assure you if they see moves by under them that they know will benefit them, they have no qualms about allowing it. So to answer your question directly, Nigerian business guys employ them because they help them carry out sharp practices without batting an eyelid and also there is the angle of money laundering which i don't want to get into. |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Ojuntana: 1:20pm On Jul 03 |
[quote author=NOETHNICITY post=130775197]When you establish your own company you can employ people from wherever you chose and you can decide to retain them if at your own expense. Until then, Dangote has the prerogative to employ whoever he chooses from wherever. Na he company not yours[/quote Yeah and it's his forex he's using to pay them not mine. I wonder why the honest Indians are paid in dollars and not naira. I'm sure you are one of those Nigerians who wailed that NOI was being paid in dollars as Minister |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Gerrard59(m): 1:51pm On Jul 03 |
Ojuntana: Okay. Thank you for your side of the explanation. In your opinion, in a manufacturing setting, how is theft avoided or fought against by the managers? What do you recommend? |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by infogeneral: 2:32pm On Jul 03 |
Confused CBN! The more they increase interest rate the worse the economy gets. They need to move away from the textbook approach of monetary policy and think out of the box. No economy can experience growth at 30% interest rate. 1 Like |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Laird(m): 2:36pm On Jul 03 |
grandstar: Consumer credit in Nigeria can fuel inflation Low interest Credit for manufacturing , construction, food and critical sectors can reduce inflation in my opinion as more producers amd more providers of this essentials like food, healthcare, medicine, housing can lead to more competition and lower prices |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Ojuntana: 3:00pm On Jul 03 |
Gerrard59:I don't know much about manufacturing processes but what is easy to implement is CCTV camera in the factory premises and also batching of goods. These two have proven effective against workplace theft to the best of my knowledge. By the way, it seems the ultron guy is actually a Lebanese or Indian cause I saw a thread in which he was advocating for Indians or Lebanese of Nigerian descent to take political offices in Nigeria. |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Gerrard59(m): 3:12pm On Jul 03 |
Ojuntana: Thanks for the information |
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