Aliko Dangote, president of the Dangote Group, has warned that the Central Bank of Nigeria’s (CBN) recent interest rate hike to nearly 30 percent will hinder economic growth. Speaking at a three-day summit organized by the Manufacturers Association of Nigeria (MAN) in Abuja, Dangote emphasized the difficulties posed by the “very high” interest rates.
During his address, Dangote noted that Dangote Cement contributed more in taxes to the government in 2023 than the entire banking sector combined. He also dismissed concerns about protecting local industries leading to monopolies, arguing that foreign investors are more likely to enter markets where local businesses are thriving.
Dangote further asserted that relying on imports is equivalent to importing poverty. He reiterated that a strong local industry is crucial for economic stability and growth.
In May, the CBN’s Monetary Policy Committee (MPC) decided to increase the Monetary Policy Rate (MPR) from 24.75 percent to 26.25 percent following a two-day meeting.