Mr Aliko Dangote has asked the FG and the CBN to consider reducing the interest rate.
The Chairman and Chief Executive Officer of the Dangote Group made this known during the opening session of a three-day National Manufacturing Policy Summit organised by the Manufacturers Association of Nigeria in Abuja.
Aliko Dangote said rising interest rate hikes would hurt local manufacturers.
In his words –
“Nobody can create jobs with an interest rate of 30 per cent. No growth will happen. No Power, no prosperity. No affordable financing, no growth, no development is foreseeable under such circumstances.”
He called on the government to protect existing businesses in the country, especially manufacturers by providing an enabling environment for them to thrive.
According to Dangote, import-dependence equals poverty importation.
Dangote that for the government to address the challenges of unemployment, poverty and insecurity, the manufacturing sector must be empowered to function optimally.
“Let me therefore conclude by reiterating that Nigeria has all it takes to develop and sustain a globally competitive manufacturing sector. But to do so, we must rethink our industrialisation policy.
“We must look to leading countries in the West and the East who are actively protecting their domestic industries.
“We must similarly enact policies to protect our domestic industries and nurture them into home grown champions that will create the jobs and prosperity we desperately need,” he said
Dangote pointed that there are various factors contributing to the underperformance of the manufacturing sector, emphasising that the crucial issue requiring attention is government policy and its approach toward investments and investors.
He mentioned that industrial or manufacturing entities are not like trading entities while expressing his belief that the fundamental role and responsibility of government should be not only to promote investments and attract investors in manufacturing but also to ensure that these investments are nurtured and protected to facilitate growth and sustainability.
