NewStats: 3,264,337 , 8,183,391 topics. Date: Tuesday, 10 June 2025 at 04:27 PM 3u4v25

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/

As a businessman he knows better

Useless CBN

They are just using this CBN man to play their dirty politics.

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".

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

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.

Will they hear?

Dangote should warn the CBN direct

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

Na wa

Fact

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....

CBN is confused. They're in a very helpless state.

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.

Tinubu the Chicago state Economist

Dun dee CBN governor. Him and druggie his master have sworn not only to destroy the economy but to bury it.

etims:
He is stating the obvious

now since it’s Dangote una say it’s obvious. What about 600k minimum wage

COMRADES, everybody is tired of this useless government of APC

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

Tinubu is next to nothing...a dullard

Interest rate plus diesel cost plus low purchasing power. Nawa

[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?

True

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.

If this message comes from Obi sone children of hate will not let Obi rest.

Baterians and economic junk Lagos policies will finally kill Nigeria

Correct

Trial and error government!

Dangote sef dey complain about Nigeria so who kon be me kwanu





Nigeria we hail thee abeg...

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.