The former governor of Anambra state and Labour Party, LP candidate in the 2023 presidential election, Peter Obi has reacted after Nigerian businessman, Alhaji Aliko Dangote stated that if the interest rate remains at 30%, there won't be any job creation.
In the post that the former governor of Anambra state shared on his official X handle on Thursday, he said the recent statement that was made by Aliko Dangote was similar to the one he made in February. Peter Obi said If Dangote, the richest person in Africa can complain, then one can imagine the negative impacts of the policies on MSMEs who are the engine of economic growth.
Here is what the former governor of Anambra state wrote on his page;
"Africa's Foremost Entrepreneur and Respected Nigerian Businessman, Aliko Dangote's recent outcry against the current interest rate of 30%, underscores my earlier cry in February on the negative effects of the monetary policy of the present Federal Government. According to Dangote, no jobs will be created with such a high interest rate because there will be no growth in the economy. This has been my consistent position over time. In February this year, I argued against the decision of the Monetary Policy Committee on MPR to 22.5% and CRR to 45% increases which, in my opinion, would further worsen the economic situation, as the increases would push interest rates on loans to above 30%, which would be very difficult for manufacturers and MSMES to borrow and repay".