Dangote Criticizes CBN for Increasing Interest Rate To 26%

The Chairman and Chief Executive of the Dangote Group, Aliko Dangote,  has expressed concern about the recent increase in interest rates by the Central Bank of Nigeria, stating that it will negatively impact local manufacturing businesses. 

He made these remarks at the opening session of a three-day National Manufacturing Policy Summit organized by the Manufacturers Association of Nigeria in Abuja. 

Dangote emphasized that a 30 percent interest rate would hinder job creation and economic growth. 

This comes after the Monetary Policy Committee's decision to raise the Monetary Policy Rate to 26.25 percent from 24.75 percent. 

Dangote urged the government to create an enabling environment for local manufacturers and emphasized the importance of reducing import-dependence for economic prosperity and development.