Nigerians React As Dangote Laments To Tinubu (Video)

Billionaire businessman, Dr Aliko Dangote, was on Wednesday morning trending on social media after he made a public lamentation to the Bola Ahmed Tinubu administration over the economic situation in the country which he said has been worsened by a high interest rate regime.

According to him the harsh economic conditions in the country has chased out many foreign investors.

While speaking at the manufacturers’ summit on Tuesday, Dr Aliko emphasized that with the present interest rate of 30%, it will be difficult to create or sustain jobs. 

Dangote spoke against the background of the fact that the CBN has been increasing the interest rate since 2015 in its bid to curb inflation. The consequence of the increase rate spurge he said is to stiffle growth.

The 30% interest rate in Nigeria is against rates in other countries such as in UK: 5.25%, US:5.5%, China: 3.45%, Germany: 4.5%, Japan:3.44%, South Korea: 4.85%, France:4.58% and Italy:5.71%.

Juxtaposing these interest rates to Nigeria’s, Dangote said, “Nobody can create jobs with an interest rate of 30%. No growth will happen.”

He also highlighted the disadvantages attached to total dependence on importation by a nation.

“Import dependence is equivalent to importing poverty and exporting jobs. No power, no growth, no prosperity.”

He noted that foreign investors and manufacturers would be attracted only when they see that local investors are also doing well. 

Dangote added that for this to be possible, the government has to create policies that will support existing businesses, so that others will know that their investments will also be protected. Otherwise, no kind of incentive will bring foreigners to invest in Nigeria.

Watch details in video below, by Channels TV

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