Business

Dangote Faults CBN’s 26% Interest Rate

Published

2 years ago

July 2, 2024

555 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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Tony Elumelu’s United Capital Secures approval to operate in Ethiopia

Elumeu lauded the transformational Prime Minister of Ethiopia, His Excellency @AbiyAhmedAli , for promoting economic reforms and regional cooperation, the Director General of Ethiopian Capital Market Authority @CMAEthiopia , Ms. Hana Tehelku, and the team at @UnitedCap on this landmark achievement.

Published

4 hours ago

June 9, 2026

OCHEFA

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United Capital Group has again secured regulatory approvals to commence operations in Ethiopia.

Its Chairman, Tony Elumelu, broke the news on Tuesday, via his official X.

” This development is particularly noteworthy because Ethiopia only recently opened its financial sector to foreign participation, making United Capital’s entry a historic step for both the company and the ongoing integration of African capital markets,” said Elumelu.

Last month, United Capital commenced operations in Rwanda, marking its formal entry into East Africa and reinforcing its ambition to build a leading continental financial services institution.

The Group’s newly established entities include United Capital Trustees Rwanda Limited, licensed to provide trusteeship services, and United Capital Financial Services Rwanda Limited, licensed to offer investment management services, including portfolio management, investment advisory, capital mobilisation, capital market advisory, and fund management solutions.

With this development, United Capital now operates in 11 countries, including Nigeria, with a strong presence in key African markets, a recent expansion into the eight countries within the West African Economic and Monetary Union (WAEMU) region, alongside a growing footprint in East Africa.

According to Elumelu, African institutions are increasingly leading, competing, and succeeding across the continent.

For decades, Africa witnessed foreign capital flowing in while profits largely flowed out.

That narrative is beginning to change.

This is Africapitalism in action — a vision that recognizes the importance of both indigenous and international capital working together to finance Africa’s development and unlock shared prosperity.

Business

Lagos developing world – class new business district —Sanwo-Olu

Sanwo-Olu said Lagos was deliberately building a globally competitive economy driven by innovation, infrastructure and private-sector participation.

Published

7 hours ago

June 9, 2026

OCHEFA

13 Views

• Invest Lagos Summit 3.0: Secretary to the Lagos State Government, ‘Bimbola Salu-Hundeyin (right); Member, House of Representatives, Kafilat Ogbara; Commissioner for Innovation, Science and Technology, Tunbosun Alake; Chairman, Commonwealth Enterprise & Investment Council (CWEIC), Lord Jonathan Marland; Vice President Kashim Shettima; Governor of Lagos State, Babajide Sanwo-Olu; his Deputy, Dr. Obafemi Hamzat; Commissioner for Commerce, Cooperatives, Trade & Investment, Mrs Folashade Bada Ambrose-Medebem; Deputy Chief of Staff to the Governor, Sam Egube, Dr Toyosi Akerele-Ogunsiji and members of the State Executives Council at the opening of Invest Lagos 3.0, themed: “Lagos – The Business Gateway to Africa”, in Lagos, yesterday.

Lagos State Governor, Babajide Sanwo-Olu, has disclosed that as part of efforts to deepen access to global capital, his administration is developing the Lagos International Financial Centre (LIFC), envisioned as a world-class financial district that would strengthen the state’s position as a gateway for investment into Africa.

Speaking yesterday at the third edition of the Invest Lagos Summit, attended by Vice President Kashim Shettima, other governors, foreign investors, development finance institutions and business leaders, Sanwo-Olu said Lagos was deliberately building a globally competitive economy driven by innovation, infrastructure and private-sector participation.

Sanwo-Olu said that the state had recorded significant economic progress in recent years through targeted reforms across transportation, digital infrastructure and industrial development.

Highlighting key infrastructure achievements, Sanwo-Olu cited investments in road networks, waterways and rail transportation, describing them as critical enablers of economic growth and investor confidence.

The governor noted that Lagos was increasingly serving as a gateway to African markets and global capital, positioning itself at the centre of continental trade under the African Continental Free Trade Area (AfCFTA).

According to him, Lagos remains one of the continent’s most strategic economic hubs, with a population exceeding 25 million and a gross domestic product steadily approaching the $300 billion mark.