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Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN - Business - Nairaland 4q30

Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN (16485 Views)

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BeeBeeOoh(m): 8:40pm On Jul 02, 2024
Aliko Dangote, president of the Dangote Group, says the increase of interest rate to almost 30 percent by the Central Bank of Nigeria (CBN) will stifle growth.

Speaking on Tuesday during a three-day summit organised by the Manufacturers Association of Nigeria (MAN) in Abuja, Dangote said the country is battling “a very high” interest rate.

In May, the monetary policy committee (MPC) of CBN raised interest rates from 24.75 percent to 26.25 percent

The business tycoon said he understands that the CBN aims to tame inflation by increasing interest rate.

“Right now, at 30 percent, there is no way anybody can create jobs. If the interest rate is 30 percent, there would not be any job creation because we are actually stifling growth,” he said.

“So, interest rates can remain at 30 percent but then no growth will happen unless that interest rate goes down.”

‘DANGOTE CEMEMT AND TAXES’

The billionaire said Dangote Cement alone paid “more taxes” into the coffers of the government “than the entire banking industry” in 2023.

Dangote also said protecting industries would not lead to monopoly, adding that it is common knowledge that foreign investors only enter the market when they see that local investors are also doing well.

“I am convinced that when government policy becomes more ive and protective, investors will be more willing to collaborate and partner with the government in resolving other challenges such as infrastructure deficits, market instabilities and macro-economic issues such as inflation and foreign exchange volatilities,” he said.

The businessman reiterated that Nigeria has all it takes to develop and sustain a globally competitive manufacturing sector.

Dangote called for re-thinking of the country’s industrialisation policy, through learning from leading western and eastern countries that are actively protecting their domestic industries.

https://www.thecable.ng/interest-rate-at-30-will-stifle-growth-hinder-job-creation-dangote-warns-cbn/amp/

22 Likes

OkpaNsukkaisBae(m): 8:47pm On Jul 02, 2024
As a businessman he knows better

56 Likes

Solofresh2: 8:47pm On Jul 02, 2024
Useless CBN

63 Likes 3 Shares

Jostoman: 8:54pm On Jul 02, 2024
They are just using this CBN man to play their dirty politics.

56 Likes 2 Shares

Remman(m): 9:13pm On Jul 02, 2024
Since CBN is politicised and not running autonomous expect anything. Tinubu's policy right from time has been to increase tax to cut the masses' purchasing power and that's what he's doing. Because they have a common saying which states "if you keep the populace hungry, they'll be easier to control".

65 Likes 1 Share

englishmart(m): 9:50pm On Jul 02, 2024
Dangote said Nigeria's import dependency is akin to importing poverty and exporting jobs" This is someone who only values foreign workers. I know of an abysmally inept Filipino mechanic who doesn't know 22 spanners but earns 5k dollars+ monthly. The site has over 50 workers but their cumulative salary is less than N5m monthly. Once your skin is light, you're an engineer even if you come from prison.
Dangote doesn't believe there are competent Nigerians, and that's why an Indian who doesn't know the difference between ampere and voltage is the head electrician to electrical engineers with decades of experience. The cement he produces almost free of cost is sold at a more expensive price in Naija than he sells in other countries on the continent.
He should stop crying. Nigeria doesn't revolve around him and Edwin

106 Likes 14 Shares

Nazgul: 9:50pm On Jul 02, 2024
Tinubu doesn't care about Nigerians. He's just looking for means to steal, loot and embezzle money so he can buy out those that matter in 2027 and retain his seat.

That's why I shake my head whenever I see his hungry miscreants defending him online. That man would sell Nigeria if it would guarantee him a reelection. He cares about no one but himself.

45 Likes 3 Shares

atiku4President(m): 9:51pm On Jul 02, 2024
Will they hear?

1 Like

cjudy(m): 9:52pm On Jul 02, 2024
Dangote should warn the CBN direct

1 Like

Risingblue008(m): 9:52pm On Jul 02, 2024
What is dis present government up to?
30% interest?

How do pple defends this man still baffles me i swear.
Dangote is sayin d fact
30%?
Soon,b4 u leave ur house for work that u are not guaranteed of,tinibu will ask u to pay for tax,as in "work searching tax"
Omo,this one d common man oo
But the illitrates will not understands this
Tinibu come show us peper for real,the inflation and lost of jobs will be unimaginable according to samuel.l.jackson
Unimaginable

11 Likes

Michael547(m): 9:52pm On Jul 02, 2024
Na wa

1 Like 1 Share

FarmCEO1: 9:52pm On Jul 02, 2024
Fact

1 Like

Brendaniel: 9:53pm On Jul 02, 2024
He built Lagos, he built Lagos, we told them this man is deceiving them, we warned them about Tinubu....

Even Dangote that hardly talks about the economy is beginning to speak out....

40 Likes 1 Share

Stevenson20: 9:53pm On Jul 02, 2024
CBN is confused. They're in a very helpless state.

9 Likes

besticality: 9:53pm On Jul 02, 2024
How do they expect businesses to grow with 30%, whopping 30% interest rates. Dude will have to struggle with rent, salary, cost of production and other expenses with the remaining 70% .

This is not sustainable.

28 Likes 1 Share

JAMANZE: 9:54pm On Jul 02, 2024
Tinubu the Chicago state Economist

8 Likes

reiddecuti: 9:55pm On Jul 02, 2024
Dun dee CBN governor. Him and druggie his master have sworn not only to destroy the economy but to bury it.

15 Likes 1 Share

Codes151(m): 9:56pm On Jul 02, 2024
etims:
He is stating the obvious
now since it’s Dangote una say it’s obvious. What about 600k minimum wage

2 Likes

Melagros(m): 9:56pm On Jul 02, 2024
COMRADES, everybody is tired of this useless government of APC

No matter how good your advice is they will never take it

7 Likes

kayjoasy: 9:57pm On Jul 02, 2024
Tinubu is next to nothing...a dullard

11 Likes

ednut1(m): 9:57pm On Jul 02, 2024
Interest rate plus diesel cost plus low purchasing power. Nawa

7 Likes

Fenomenal124(m): 9:57pm On Jul 02, 2024
[quote author=besticality post=130767046]How do they expect businesses to grow with 30%, whopping 30% interest rates. Dude will have to struggle with rent, salary, cost of production and other expenses with the remaining 70% .

This is not sustainable.

I must confess, rushing to start my own private firm early last year was one thing I'm regretting now. Although I'm very optimistic about my business but this country keeps giving you reason to give up. How can we sustain with This?

6 Likes

EmmaLege: 9:59pm On Jul 02, 2024
True

2 Likes

maxiuc(m): 9:59pm On Jul 02, 2024
grin
grandstar(m): 10:00pm On Jul 02, 2024
As much as I sympathize with Dangote, there's no option bit to increase interest rates above inflation
There's simply no alternative to slay inflation.

All the curses being poured on Tinubus head would simmer once inflation is down.

Interest rates won't stay high forever. Once inflation begins to come down, interest rates would begins to slide down as well.

5 Likes 4 Shares

Mrkindness: 10:01pm On Jul 02, 2024
If this message comes from Obi sone children of hate will not let Obi rest.

18 Likes 1 Share

Oakenshield: 10:02pm On Jul 02, 2024
Baterians and economic junk Lagos policies will finally kill Nigeria

9 Likes

omowolewa: 10:04pm On Jul 02, 2024
Correct

1 Like

Uncletony(m): 10:08pm On Jul 02, 2024
Trial and error government!

3 Likes 1 Share

Confirm4real(m): 10:13pm On Jul 02, 2024
Dangote sef dey complain about Nigeria so who kon be me kwanu cheesy





Nigeria we hail thee abeg...

2 Likes

higgs: 10:14pm On Jul 02, 2024
This man Dangote is not just rich,he is also very intelligent. The CBN should reduce interest rates to stimulate economic growth and increase employment. I actually believe that inflation in Nigeria today is not caused by excess money supply but by fiscal problems like insecurity etc.Another major cause is the fast depreciating local currency. So raising interest rates so high creates more economic problems without solving the inflation problem.

16 Likes 4 Shares

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