'No Job Will Be Created', Dangote Faults CBN’s 26% Interest Rate
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- čas přidán 1. 07. 2024
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As much as I love Africa. Africa is greedy. These leaders do not care for their people. As big as Nigeria is no one I mean no one should be hungry. No one should not have a place to live. Jobs should be flowing like a river. But yet people so busy fighting about tribes. And their people are dying. That is the sad part.
In UK, the interest rate is less than 5.30% but as bad as Nigeria are economically, our interest rate is 30%🙆🏻♂️🙆🏻♂️..
What a country 😢😢
30 per cent interest rate is mad. It is just going to stifle the Nigeria economy further. U.K interest rate is 5.25 per cent and people are complaining 🙄 😅
Using high interest rate to fight inflation will not work. The clueless CBN Governor will continue to increase the interest rate because he is dumb
Tinubu and the useless central bank governor are only protecting the portfolio investments of some greedy foreign portfolio investors who invested in Nigeria's bond market and are chasing high interest. Nothing more. It is why they turned a blind eye to Tinubu's egregious criminal past.
The interest rate is way too much. Nobody borrowed at this rate to business and succeed except u are into drug.
Personally I stopped borrowing since this continuous unabated increase in interest rate. Banks are begging business owners to borrow but many including my humble self has declined
Same too
As an Economist.. what he said is the truth not becos his company is affected but high interest rate does not help solve inflation issues
The problem with Nigeria is copy and paste economic policies. CBN should be more creative by using the CRR more while dropping interest rate. Increase in the CRR will mop up liquidity while a lower interest will stimulate business growth and productivity.
True talk
Very correct
Thank God say I 🏃♂️
The only person with sense in the country.
Nigeria's most significant challenge is the pervasive corruption and lack of political will, which has far-reaching consequences. One manifestation of this is the struggle faced by many Nigerians, particularly those in the diaspora, who are interested in farming but find it difficult to access land. The challenge of acquiring land is a major obstacle that prevents them from realizing their agricultural goals and contributing to the country's economic development.
To address this, urgent measures are required from all levels of government and the private sector to pursue aggressive investments in manufacturing and agriculture in every local area. Specifically, Nigeria must consider banning the importation of manufactured food and consumer goods, such as diapers, toothpaste, soap, cosmetics, toilet paper, and other similar products, within the next year. This bold move will allow local manufacturers to take over and drive economic growth.
I acknowledge that this will be a tough and hard decision, but it is a necessary sacrifice to revamp and save our country. We must take decisive action to stimulate local production, create jobs, and promote economic self-sufficiency.
I have said it several times, most economic principles will continue to fail in Nigeria. Why? They are developed for sane societies.
If Cadoso and Emilokan like, they should take interest rates to 100%. Inflation will still continue to rise, only poor/innocent people will d*e
cut and paste economists running the show
I had Petroleum Engineering students looking up to his refineries, I guess that's out the window now.
Presidential material
Find a way of convincing him to stand
This government should be very careful now, Kenya is a reference point. Don’t use your greediness to push the people to wall. EndSAS was a flame, the real fire may burn this time and only God can quench it.
So for every N1000 you borrow at 30% to do business, you are already behind with N300. That is before you even factor the cost of production and overheads. You are not going to have small businesses nor create jobs. Govt should give grants and tax incentives. Also guarantee highly subsidized loans and revolving credits. We have to make running business attractive.
Unless you're a drug dealer, you aint making any margin borrowing at 30% interest rate. Here in kenya cbk rate is 13% meaning bank rate is 19%( the additional 4% is bank margin).
The first sentence regards business margin. Many business make about 30% margin meaning all your margin will go into loan financing.
Very good it's affecting Dangote because he has been one of Nigeria 's biggest problem, enjoying the Monopoly on every productions, importations and exportation in the country so let him enjoy the bad seeds they both sowed years ago.
INTEREST RATE HAS TO INCREASE TO COOL DOWN INFLATION RATE BECAUSE NIARA DOES NOT HAVE VALUE IN THE MARKET IT INFLATION IS EXTREMELY HIGH THEREFORE INTEREST RATE MUST BE INCREASED TO COOL DOWN INFLATION THAT IS PURE ECONOMICS
so how come the prices of goods and services are still on the rise. kindly explain
Pure economics for an impure situation. What is the reason for the inflation in the first place? Is it as a result of excess money? Nigeria's food prices inflation as an example is as a result of scarcity so how can increased interest rates solve that?
If anything the government should be more concerned about how to rejig the economy to increase production not this school boys economic theories that they are using.
With the increased interest rates plus floating of the naira several large manufacturing companies have published record losses and a lot of them are shutting down operations which will lead to loss of thousands of jobs and you are talking about pure economics.
@@vinceenebuse God bless you Sir
Copy and paste economics doesn't not help anybody grow.
@@vinceenebusequite well explained. Hope this will educate kelvinwilliams
True talk