Business

Dangote Faults CBN’s 26% Interest Rate

Published

2 years ago

July 2, 2024

612 Views

In a recent address at a summit organized by the Manufacturers Association of Nigeria (MAN), Aliko Dangote, Chairman and Chief Executive of the Dangote Group, strongly criticized the Central Bank of Nigeria (CBN) for its decision to increase the interest rate to nearly 30 percent. This decision was made during the CBN’s Monetary Policy Committee meeting in May, where the Monetary Policy Rate (MPR) was raised from 24.75 percent to 26.25 percent.

Dangote expressed grave concerns about the impact of such high interest rates on businesses, stating that they hinder economic growth and job creation. He emphasized that under these conditions, no meaningful job creation can occur, and economic growth becomes severely constrained.

Furthermore, Dangote called on the Nigerian government to prioritize supporting existing businesses, particularly in the manufacturing sector, by creating a conducive environment for their operation. He stressed the importance of addressing challenges such as power supply and providing affordable financing to stimulate growth and development.

Highlighting the interconnectedness of manufacturing and economic prosperity, Dangote stated that a country dependent on imports remains economically vulnerable and unable to achieve sustainable development.

The MAN President, Otunba Francis Meshioye, echoed Dangote’s sentiments by criticizing government policies and their impact on the manufacturing sector’s performance. He noted a significant number of manufacturers exiting the sector in recent years and urged a reassessment of support mechanisms to bolster manufacturing under the current administration’s agenda.

The summit, attended by Vice President Kashim Shettima and other government officials, provided a platform for industry leaders to address crucial issues affecting the Nigerian manufacturing landscape and advocate for policy changes that could revitalize the sector.

In summary, Dangote’s remarks underscored the urgent need for a more supportive economic environment in Nigeria, particularly concerning interest rates and government policies affecting manufacturing. His stance aligns with broader industry concerns about the sector’s viability and its critical role in national economic development.

Related Topics:CBN Featured Interest Rate

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Naira Exchange Rates Monday, 20 July

Published

13 hours ago

July 20, 2026

OCHEFA

19 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 416 Sell ₦1,422

GREAT BRITISH POUND (GBP) Buy ₦1,895 Sell: ₦1,915

EURO (EUR) Buy ₦1,590 Sell ₦1,610

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,380.18

GREAT BRITISH POUND (GBP) ₦1,854.42

EURO (EUR) ₦1,577.00

SWISS FRANC (CHF) ₦1,707.94

JAPANESE YEN (JPN) ₦8.50

CHINESE YUAN (CNY) ₦203.57

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,874. 32

SAUDI RIYAL (SAR) ₦367.48

SOUTH AFRICAN RAND (ZAR) ₦83.29

Business

BUA Foods target expansion into noodles industry

Rabiu described the expansion programme as a strategic investment in Nigeria’s industrial future, emphasising that the company’s growth ambitions are driven by a commitment to national development rather than scale alone.

Published

4 days ago

July 17, 2026

OCHEFA

57 Views

Chairman of the Board of Directors of BUA Group, Abdul Samad Rabiu disclosed that it’s food arm – BUA Foods is going into new sectors such as instant noodles because “we see it as a very important sector because of its affordability and its accessibility.”

Rabiu made the disclosure in Abuja on Thursday during the 5th Annual General Meeting of BUA Foods.

He also disclosed that as part of efforts to boost food sufficiency, “we are doubling our wheat milling capacity from over a million to over two million, wheat per annum. And that is huge.”

“We are also tripling the capacity of our edible oil business. In fact, we are setting up a brand new oil mill in Port Harcourt.

“Our ambition has never been to become bigger simply for the sake of size. We are building scale because Nigeria needs strong indigenous companies capable of competing at the highest level, investing for the long term and creating lasting value,” he said.