Peter Obi, in a Twitter post, referenced Aliko Dangote's recent criticism of the current 30% interest rate, which Obi had also previously criticized for its negative effects on the economy. Dangote argued this high rate will prevent job creation, echoing Obi's concerns about the Monetary Policy Committee's decisions to increase the MPR to 22.5% and CRR to 45%, which Obi believed would further worsen economic conditions by pushing loan interest rates above 30% and making it difficult for businesses to borrow and repay.
Peter Obi wrote this in a post on his verified Twitter page on Thursday.
In his words, "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."