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BUSINESS: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation — Aliko Dangote Warns CBN

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Aliko Dangote, president of the Dangote Group, says the increase of interest rate to almost 30 percent by the Central Bank of Nigeria (CBN) will hinder economic growth.

Dangote says the country is battling “a very high” interest rate when speaking on Tuesday during a three-day summit organised by the Manufacturers Association of Nigeria (MAN) in Abuja.

Recall that the monetary policy committee (MPC) of CBN, in May, raised interest rates from 24.75 percent to 26.25 percent

The business tycoon said he understands that the CBN aims to tame inflation by increasing interest rate.

“Right now, at 30 percent, there is no way anybody can create jobs. If the interest rate is 30 percent, there would not be any job creation because we are actually stifling growth,” he said.

“So, interest rates can remain at 30 percent but then no growth will happen unless that interest rate goes down.”

The billionaire said Dangote Cement alone paid “more taxes” into the coffers of the government “than the entire banking industry” in 2023.

Dangote also said protecting industries would not lead to monopoly, adding that it is common knowledge that foreign investors only enter the market when they see that local investors are also doing well.

“I am convinced that when government policy becomes more supportive and protective, investors will be more willing to collaborate and partner with the government in resolving other challenges such as infrastructure deficits, market instabilities and macro-economic issues such as inflation and foreign exchange volatilities,” he said.

The businessman reiterated that Nigeria has all it takes to develop and sustain a globally competitive manufacturing sector.

Dangote called for re-thinking of the country’s industrialisation policy, through learning from leading western and eastern countries that are actively protecting their domestic industries.

BIG STORY

BREAKING: Remains Of Late President Buhari Arrives In Katsina [VIDEO]

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The body of former President Muhammadu Buhari has reached Katsina State for his official burial ceremony.

Contrary to the initially scheduled arrival time, the former president’s remains landed at exactly 1:59 pm, shortly after President Bola Tinubu arrived.

The aircraft carrying Buhari’s remains landed at the Umaru Musa Yar’Adua International Airport, where President Tinubu was expected to receive it before it would be transported to Daura for the burial.

Members of Buhari’s family also arrived at the airport, including the visibly emotional former First Lady, Aisha Buhari, who was seen among the crowd.

Aisha Buhari and her children, all dressed in black, were accompanied by Nigeria’s First Lady, Oluremi Tinubu.

Contrary to earlier reports suggesting the body would be flown in as cargo, Buhari’s remains arrived aboard the presidential jet, which also carried his family and a delegation led by Vice President Kashim Shettima.

 

More to come…

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BIG STORY

Amaechi Wears Turban To Buhari’s Burial In Daura

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Rotimi Amaechi, who previously served as the minister of transportation, attended the funeral of former President Muhammadu Buhari in Daura, Katsina state, wearing a turban.

Buhari, the former president and head of state, passed away on July 13. His burial took place in his hometown, Daura, amidst national mourning.

Amaechi wore the cultural headgear to the ceremony held in honour of the late leader.

Earlier on Tuesday morning, Buhari’s remains were transported from London to Nigeria aboard the presidential jet.

Why Is Amaechi Wearing A Turban?

Amaechi received the title of Dan Amanar of Daura — which translates to “trusted son of Daura” — on February 5, 2022, as an acknowledgment of his contributions to the transport sector.

At that time, Silas Zwingina, a former deputy majority leader in the Senate, dismissed suggestions that the turbaning had political undertones, instead calling it a cultural show of gratitude by the Daura Emirate.

Zwingina stated that the Daura Emirate traditionally honours those who have made significant contributions to the development of the area.

He said it was unrelated to politics and urged people not to attach unnecessary meanings to the gesture, noting that Amaechi’s completed projects in Daura and across Nigeria stood on their own.

Amaechi’s turban has previously stirred controversy. In 2022, Musa Saidu, a leader of Arewa in the south, asked him to refrain from using the turban during political campaigns.

Saidu said the turban carries strong Islamic significance and should not be used as a political symbol.

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BIG STORY

What Buhari Told Me About President Tinubu After Fuel Subsidy Removal — Katsina Governor Radda

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Governor Dikko Radda of Katsina State shared details of his conversations with the late former President Muhammadu Buhari following his retirement, including a discussion on President Bola Tinubu’s decision to remove petrol subsidy at the start of his administration.

While addressing reporters at the late president’s burial in Daura, Radda recounted his interactions with Buhari after he left office in 2023. He described gaining insights from Buhari’s leadership and patriotic values during this period.

He said that once Buhari returned to Daura after completing his term in 2023, they were able to engage more frequently, which allowed him to benefit from the former president’s wisdom and humor.

Radda mentioned that their conversations often focused on the challenges facing Nigerians and national service.

He shared that Buhari once told him, Your Excellency, go and do your best and be honest as a leader. You cannot satisfy Nigerians; only God can do that. He added that Buhari often spoke about the burdens he faced in office but felt relieved after retirement.

According to Radda, Buhari also said, I pity Bola (President Tinubu) for what he is doing. He is a brave man for removing the fuel subsidy. When I was president, whenever I made an attempt to remove the subsidy, a lot of people would give me too many reasons not to do so. But Bola did it immediately. If he had consulted people, he could not have removed the fuel subsidy now.

Radda emphasized that this was one of the conversations with Buhari that will stay with him. He said Buhari’s passing has left a significant void in Katsina State that will be difficult to fill.

President Tinubu ended the petrol subsidy on 29 May 2023, the day he assumed office after Buhari. He said the move was necessary to support economic growth and advance national progress.

He also stated that the Nigerian economy had long been underperforming due to various structural issues that hindered its development.

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