Chairman and Chief Government Officer of Dangote Group, Aliko Dangote, has criticised the newest increment of rate of interest to virtually 30 per cent by the Central Financial institution of Nigeria (CBN).
On the opening session of a three-day summit organised by the Producers Affiliation of Nigeria (MAN) in Abuja, on Tuesday, Dangote stated companies couldn’t address the present fee.
In Might, CBN’s Financial Coverage Committee (MPC) agreed to extend the Financial Coverage Fee (MPR) from 24.75 per cent to 26. 25 per cent.
However whereas talking yesterday, Dangote stated: “No person can create jobs with an rate of interest of (about) 30 per cent. No progress will occur.”
He additionally referred to as on the federal government to guard present companies within the nation, particularly producers by offering an enabling setting for them to thrive.
In line with him, an import-dependence nation is equal to poverty importation.
“No energy, no prosperity. No inexpensive financing, no progress, no growth,” he defined. Dangote stated for the federal government to deal with the challenges of unemployment, poverty and insecurity, the manufacturing sector should be empowered to operate optimally.
MAN additionally criticised authorities insurance policies and angle, saying they had been chargeable for the low efficiency of the manufacturing sector.
The occasion had in attendance, Vice President Kashim Shettima and different authorities officers.
In his remarks, the President of MAN, Francis Meshioye stated over 70 producers have exited the sector between 2019 and 2022.