The Chairman of the Dangote Group, Aliko Dangote, has expressed concern over the decision of the Central Bank of Nigeria, CBN, to raise the interest rate to nearly 30 per cent.
The business mogul made his opinion known at a summit hosted by the Manufacturers Association of Nigeria, MAN, on Tuesday at the State House in Abuja.
Dangote said that with the new interest rate, there will be no growth, adding that it may even pose challenges in creation of jobs.
"Nobody can create jobs with an interest rate of 30%. No growth will happen," he said.
"We must look to leading countries in the West and the East who are actively protecting their domestic industries.
"Import dependence is equivalent to importing poverty and exporting jobs. No power, no growth, no prosperity. Similarly, no affordable financing, no growth, no prosperity.
"There is no industrialization without protection. Ignoring these facts is what gives rise to insecurity, banditry, kidnapping and abject poverty."
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