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    BRICS Summit: Tinubu Seeks Reevaluation Of Global Governance, Finance, Healthcare 

    BRICS Summit: Tinubu Seeks Reevaluation Of Global Governance, Finance, Healthcare 

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    ‘Meeting President Tinubu and Prime Minister Pierre Is a Very Inspiring Moment For Me’ – Nigerian Medical Student In Saint Lucia 

    ‘Meeting President Tinubu and Prime Minister Pierre Is a Very Inspiring Moment For Me’ – Nigerian Medical Student In Saint Lucia 

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    BRICS Summit: Tinubu Seeks Reevaluation Of Global Governance, Finance, Healthcare 

    BRICS Summit: Tinubu Seeks Reevaluation Of Global Governance, Finance, Healthcare 

    Tinubu In Brazil For BRICS Meeting, To Woo Investors 

    Tinubu In Brazil For BRICS Meeting, To Woo Investors 

    AMCON Sells 60% Stake In Ibadan DisCo For N100bn

    AMCON Sells 60% Stake In Ibadan DisCo For N100bn

    Lagos Bans Real Estate Practice, Others Without LASRERA Certification

    Lagos Bans Real Estate Practice, Others Without LASRERA Certification

    ICYMI: President Tinubu Confers GCON on Outgoing Afrexim Bank Chairman, Benedict Oramah

    ICYMI: President Tinubu Confers GCON on Outgoing Afrexim Bank Chairman, Benedict Oramah

    FG Gives N60B To Gombe For Agro-Livestock Industrial Zone

    FG Gives N60B To Gombe For Agro-Livestock Industrial Zone

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    ‘Meeting President Tinubu and Prime Minister Pierre Is a Very Inspiring Moment For Me’ – Nigerian Medical Student In Saint Lucia 

    ‘Meeting President Tinubu and Prime Minister Pierre Is a Very Inspiring Moment For Me’ – Nigerian Medical Student In Saint Lucia 

    Amosun’s Wife, Other Descendants of Ogunbona Agboketoyinbo Mark 164th Memorial of their Revered Egba Warlord

    Amosun’s Wife, Other Descendants of Ogunbona Agboketoyinbo Mark 164th Memorial of their Revered Egba Warlord

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    Surveyor Haleemat Oluwatoyin Yusuf’s Day Of Double Celebration 

    Giant Of African Literature Ngũgĩ wa Thiong’o Departs At 87

    Giant Of African Literature Ngũgĩ wa Thiong’o Departs At 87

    If Akeredolu Had Listened To Me, I Wouldn’t Be a Widow, Laments Ex – Governor’s Wife, Betty

    If Akeredolu Had Listened To Me, I Wouldn’t Be a Widow, Laments Ex – Governor’s Wife, Betty

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    ‘Ireke: Rise of the Maroons’ Set for Debut July 25

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    ‘Steeze,’ Glamour As Ijebu Celebrates Ojude Oba Cultural Carnival

    Tinubu, Gov Mbah Mourn Nonagenarian Highlife Music Icon Ejeagha

    Tinubu, Gov Mbah Mourn Nonagenarian Highlife Music Icon Ejeagha

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    Drug Cartel Members Abdúct, Kíll 5 Musicians On Way To Concert Venue

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    I’m Still Saving My Virginity – Actress Olayode

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    NSF Tragedy: Abiodun Mourns, Sends Delegation To Kano, Supports Victims’ Families With N31m

    NSF Tragedy: Abiodun Mourns, Sends Delegation To Kano, Supports Victims’ Families With N31m

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    Gateway Games: Protesting Ogun Athletes Lift Siege At Games Village

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    Gateway Games Activities Grounded As Ogun Athletes Protest Over Unpaid Allowance

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    Odogbolu Leads As First Local Govt To Adopt eSports

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    Gateway Games: Athletes, Spectators Flee As Gas Explosion Rocks Alake Sports Complex

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Rising Interest Rate Will Kill Growth, Breed Poverty –  Dangote 

The Daily Crucible by The Daily Crucible
July 3, 2024
in Business, News
0
Rising Interest Rate Will Kill Growth, Breed Poverty –  Dangote 

 

The African number one industrialist and billionaire Chairman of the Dangote Group, Aliko Dangote, has faulted the Central Bank of Nigeria (CBN) for raising the lending interest rate to nearly 30 percent.

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Dangote said it will stall growth in the economy,  creates poverty and insecurity.

Speaking on Tuesday , July 2, at the Banquet Hall of the State House in Abuja during the opening session of a three-day summit organised by the Manufacturers Association of Nigeria (MAN), Dangote expressed worry over the impact of the current interest rate regime on job creation and the growth of the manufacturing sector.

The CBN had in its latest Monetary Policy Committee (MPC) meeting announced upward review in the Monetary Policy Rate (MPR) for the third consecutive time, rising from 24.75 percent to 26.25 percent.

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Dangote warned that nobody creates job with increasing lending interest rate, saying no growth will take place in such economy save insecurity, banditry, kidnapping and abject poverty.

“Nobody can create jobs with an interest rate of 30%. No growth will happen,” Dangote stated, even as he highlighted the challenges faced by manufacturers in competing and expanding under such conditions.

 

He also called for new policies to protect domestic industries and urged the government to provide an enabling environment for existing businesses, particularly manufacturers, to thrive.

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

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