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The Business NG - July 03, 2024

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Aliko Dangote, Chairman of the Dangote Group, has vehemently opposed the Central Bank of Nigeria's (CBN) decision to raise the interest rate to nearly 30%, warning that it will stifle economic growth and hinder job creation.

Speaking at a summit hosted by the Manufacturers Association of Nigeria (MAN) at the State House in Abuja on Tuesday, Dangote emphasized that the exorbitant interest rate would make it impossible for businesses to thrive and create jobs. "Nobody can create jobs with an interest rate of 30%," he stressed. "No growth will happen."

Dangote urged the government to emulate leading countries in the West and East that prioritize protecting their domestic industries. He cautioned that relying on imports would only lead to poverty and job losses, while affordable financing is crucial for growth and prosperity

The Business NG Description:

Forlegger: Tuns-Media-&-Comm-Enterprise

Kategori: Newspaper

Språk: English

Hyppighet: Weekly

The BusinessNG, a leading business news publication across Nigeria and WestAfrica With a strong team of 30 staff members and a weekly print circulation of over 10,000 copies, we are poised for growth and report all political relating to business news at all level