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Aliko Dangote, president of the Dangote Group, is warning that the Central Bank of Nigeria’s (CBN) recent interest rate hike to nearly 30 percent will hamper economic growth.
Speaking at a three-day summit organised by the Manufacturers Association of Nigeria (MAN) in Abuja, Dangote highlighted the challenge of navigating “very high” interest rates.
The billionaire industrialist, pointed out that Dangote Cement contributed more in taxes to the government in 2023 than the entire banking sector combined.
He also dismissed concerns that protecting local industries would create monopolies, arguing that foreign investors will only be encouraged to enter markets where local businesses are thriving.
According to Dangote, an import-dependence country is equivalent to poverty importation.
It will be recalled that in May, following a two-day meeting, CBN’s Monetary Policy Committee (MPC) agreed to increase the Monetary Policy Rate (MPR) from 24.75 per cent to 26. 25 per cent.
Adesuwa Omoruan
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