Aliko Dangote, the President and CEO of the Dangote Group, has strongly criticized the Central Bank of Nigeria's (CBN) recent interest rate hike to nearly 30%, warning that it will stifle Nigeria's economy and hinder growth and job creation.

He argued that the elevated interest rates will hurt local manufacturing businesses and make it difficult for them to thrive.

The business magnate called on the government to protect existing businesses in the country, especially manufacturers, by providing an enabling environment for them to succeed.

He stated that for Nigeria to address the challenges of unemployment, poverty and insecurity, the manufacturing sector must be empowered to function optimally.

Dangote urged the government to enact policies to protect domestic industries and nurture them into home-grown champions that will create the jobs and prosperity the country desperately needs.

He emphasized that industrial or manufacturing entities require time and a conducive environment to mature, build capacity and scale, and become competitive against those in older and more mature markets.