Alhaji Aliko Dangote, President of Dangote Industries Ltd, has criticized the Central Bank of Nigeria’s (CBN) 30% interest rate policy, warning that it hampers business growth and job creation in the country.
He also offered solutions for sustaining existing investments and attracting new ones.
Speaking at the opening of the three-day Nigeria Manufacturers Summit, themed “Rethinking Manufacturing in Nigeria,” Dangote emphasized the need for deliberate industrial policies to assure investors of support and protection.
The summit, held at the Banquet Hall, State House, Abuja, was inaugurated by Vice President Kashim Shettima.
Dangote highlighted that for Nigeria to retain and attract investors, the Federal Government must implement policies that protect and support current investments.
He noted that local investors thriving is a key indicator for foreign investors considering entering the market.
“It’s not about the President or government agencies going abroad to seek investment. It’s about showing that local investments are protected and supported,” Dangote said.
He argued that such industrial policies are the best incentives for both local and foreign investors.
Dangote also stressed the importance of stable and affordable power and accessible financing for manufacturers.
He pointed out that an economy reliant on imports equates to importing poverty and exporting jobs.
He emphasized that ignoring these economic realities leads to insecurity, banditry, kidnappings, and widespread poverty.
Dangote specifically criticized the 30% interest rate on bank loans, saying it stifles growth and job creation.
Despite the challenges, Dangote expressed optimism about Nigeria’s potential to develop a globally competitive manufacturing sector.
He called for a rethinking of Nigeria’s industrialization policy, suggesting the adoption of protective measures similar to those in leading Western and Eastern countries.
“The time to rethink our industrial policy is now,” Dangote asserted.
He reiterated that manufacturing is crucial for Nigeria’s economic development and self-sufficiency, and that the strength of the manufacturing sector determines the nation’s capacity to compete in global trade.
Former Minister of Industry, Trade and Investment, Olusegun Aganga, also spoke at the event, urging President Bola Tinubu to declare manufacturing a national priority sector.
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