No economic growth will happen unless interest rate at 30% goes down – Aliko Dan

The President of the Dangote Group Industries Ltd, Alhaji Aliko Dangote has stated that no economic growth will happen unless the bank interest rate at 30% declines.

Alhaji Dangote stated this while delivering the first keynote address during the Manufacturers Association of Nigeria (MAN), 2024 summit in Abuja.

According to the Chairman of Dangote Group, the cause of the inflation in major advanced economies in Europe and the United States which necessitated interest rate hikes was different from that of developing countries mostly in Africa.

He traced the cause of inflation in North America and Europe to the cash transfer program implemented by governments during the pandemic period in 2022 and stated that in total around $18 trillion was disbursed to individuals and businesses during the period.


He noted that nothing of such significance happened across economies in Africa.

He said, "Mr. Vice President, I know that today we are battling with very high interest rates. This interest rate is now saying that we should fight inflation. I'm not an economist, I'm just a local businessman.
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