'No Job Will Be Created', Dangote Faults CBN’s 26% Interest Rate
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- เผยแพร่เมื่อ 8 ก.ย. 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.
You said it..''people... fighting about tribes'' a huge fault is on the leaders..but we are also part of the problem..too much tribalism
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 😢😢
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
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 🙄 😅
Wow! It's one thing to see the truth and it's another thing to say it. I commend Aliko Dangote for stating the facts.
He can state facts but, how does that really negatively affect the multiple businesses of a multi billionaire in $dollars? He has so many alternative ways of sourcing funds for his businesses, why resort to using nigerian banks? Let him get the funds he needs from the US or, the UK. 😊
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
Banks in Nigeria are begging business owners to borrow? I find that very hard to believe. Banks in Nigeria are making tons of money through different types of bank fees and charges on depositors accts as well as the strong relationship they have with the P.O.S operators. These operators are so numerous, they are practically on every street corner in lagos state and probably in other states as well. Banks are so happy and they are smiling from ear to ear, since this wonderful opportunity came their way. If they all have money to borrow, why then can't depositors like me, find it difficult to withdraw my money often from the banks without resorting to using P.O.S operators?..smh.
True talk
Thank God say I 🏃♂️
The only person with sense in the country.
He is not the only one. Others have been talking but, channels Tv does not consider them important enough to air their complaints. 🤔
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.
Very correct
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.
What do you expect from bankers who spent most of their careers in commercial banks both within Nigeria and abroad? It has been a very long time the CBN had governors well groomed and knowledgeable in central banking. 😂
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.
cut and paste economists running the show
Presidential material
Find a way of convincing him to stand
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
You're wrong. Fiscal and monetary policies can work in Nigeria, as long as they are the right ones and they are implemented by those who know what true central banking is all about. What Nigeria has at the moment are people who worked for years as commercial bankers and don't have the rudimentary knowledge central banking. It is like forcing an 'eye, nose and throat doctor' to be a surgeon just because he is a doctor.
@4evertrue830
But your comment shows that I am right. Those your "ifs" will never happen in Nigeria. Those conditions will never be fulfilled, and that is why those policies will continue to fail. More so, most of these policies and principles were tested and proven where things work. Not is an "open and/or floating economy" like Nigeria. Is a good as no consumer regulation, no industrial regulation, .... Anyone can just wake up one day and say price of Garri has moved from 100 to 10,000 and nothing will happen. A Landlord can increase rent by more than 200% and nothing will happen. Even government can increase prices and tariffs overnight by more than 100% and nothing will happen.
@@olaadams01 hmm, I forgot about that..😒
I had Petroleum Engineering students looking up to his refineries, I guess that's out the window now.
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.
Listen, over the years due to slack, poor central bank regulations, commercial banks have decided to focus only on a few key sectors that are more profitable for them than others, like trading, agriculture and transportation which require short-term lending and quick returns on the loans operators in this sector borrow. Long-term lending is no longer their thing and the CB know this. So, to earn good money from the high profits the banks are making the CBN raises interest rates. Dangote is an international business man. He has the means to source for the money he needs from foreign banks at cheaper rates. So, why not do that? 😀
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.
@@waziriwafedhaNo, you're wrong. Most businesses make far more than just 30% margins. Watch Dragons Den UK, to know the secrets of businesses and their cost - profit margins. 📈
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.
so you want to destroy the WHOLE country because you don't like one business?
@@TopeA8 taaaae ge nolu eni ona Ako.
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